CMBS MULTIFAMILY MEZZANINE LOANS
Non-recourse, assumable CMBS Mezzanine apartment loans in Dallas to finance or refinance of Multihousing properties.
CMBS Apartment Loan Amount:
$500,000 – $5,000,000
CMBS Mezzanine Fixed Rate Loans in Texas
Description
Non-recourse, assumable subordinate financing for the acquisition or refinance of stabilized multifamily properties financed simultaneously with G.R.E.A. CMBS mortgage loans.
Amount
$500,000-$5,000,000
Term
5 and 10 year terms available. Term must be the same as the first mortgage
Loan to Value Maximum
75-85% of appraised value or purchase price depending on asset type
Coverage Minimum
1.05x
Amortization
Interest-only or consistent with the senior mortgage loan
Mezzanine Borrower
Domestic single asset borrowing entity is required
Collateral
Pledge of the equity of the first mortgage borrower, secured by UCC filing. Eagle 9 title policy is required
Interest Rate
12-15% coupon varying with LTV, DSCR, market and sponsor
Prepayment Terms
Defeasance with a lockout period of 24 months from securitization. Cannot be prepaid before A Note
Third Party Reports
MAI Appraisal, Property Condition Report and Environmental Phase I Assessment are required; Seismic Reports are required for properties in Seismic Zones 3 and 4. Mezzanine loan will rely on senior mortgage loan Third Party Reports.
Reserves
Generally limited to reserves stated in the senior loan agreement, unless specifically stated otherwise
Application Deposit
$20,000
Origination Fee
1%
Cash Management
Standard mezzanine cash management
Timing
45 – 60 days from application to funding; dependent on third party report timing and borrower’s submission of due diligence. Mezzanine closing simultaneous with mortgage
Assumability
Loan is assumable, subject to lender approval of proposed replacement borrower; Fees include 1% assumption fee and Lender’s reasonable out-of-pocket expenses
For current CMBS multifamily loan rates, contact our apartment lenders in DFW.
Call For a Quote:
(214) 679-9673
Related Fannie Mae Loan Options
FANNIE GREEN
FANNIE HYBRID ARM
