Property Types

• Office, Multi-family, Industrial, Retail
• Specialty: Medical Office, Self-Storage, Cold Storage, Life Sciences, Hotels, Mobile Home Parks
   

Rate

• Fixed and floating rates at competitive, market-based spreads over Treasuries or SOFR
• Rate or spread as applicable locked upon receipt of an executed application with appropriate deposits
   

Term

• Fixed Rate: 3-30 years
• Floating Rate: up to 7 years
• Fixed and Floating Rate combination: up to 7 years
• Bridge/Construction to Permanent: 7 to 30 years
  
  

Size

• Typically, $25 million to $300 million for single assets, higher for portfolio transactions
• Will coordinate and structure co-investment arrangements for loans with higher proceeds

Co-Lending on Senior Debt

• Arrange club loans
• Participate with a lead lender
  
   

Portfolio Financing

• Financing available of $200 million or higher with participants
• Fixed rate loans with a floating rate component allow for partial releases and prepayment flexibility
   

Parameters

• Loan to Value: Up to 80% for mortgages, higher for credit transactions
• Debt Coverage Ratio: Minimum of 1.30X or greater once stabilized
• Non-recourse except for standard carve outs
  
  

Typical Timing & Deposits

• Transactions approved for commitment and rate lock in a quick and efficient manner
• Typically, approximately 2% refundable deposit required to lock rate
• Typical commitment to closing: 30 to 60 days
• Forward financing options available
   

Consultant Reports

• Appraisal
• Property Condition
• Environmental
• Seismic, as applicable
• Resilience

Structured Lending Guidelines

• Fixed and floating rate bridge, construction, and mezzanine loans
  

Office

• Quality properties
• Well established CBD and suburban locations
• Functional buildings with modern mechanical and life safety systems
• Adequate parking ratios
   

Industrial

• Single or multi-tenant institutional quality warehouse and distribution buildings
• Locations in primary industrial markets with access to distribution systems
• Functional buildings and site design with up-to-date building and mechanical systems
• Modern truck accommodations, such as parking ratios, truck courts, and turning radii
• Large, cross-collateralized pools are a specialty
   

Multi-Family

• Well-located properties in established apartment markets near employment centers
• Functional site and floor plans/unit design and features
• High quality amenities (i.e., leasing office, club house, pools, spas, and recreational facilities)
• Adequate covered and surface parking for tenants
• Stabilized or in lease-up

Retail

• High-quality neighborhood, community shopping centers, and dominant regional malls
• Strong retail trade areas with good demographic characteristics and high traffic counts
• Appropriate mix of credit/major tenants
• Appropriate ratio of anchor/local shop space
• Strong historic tenant sales performance with viable occupancy costs
• Adequate parking ratios and convenient ingress and egress
   

Ground-Leased Land

• Improved, infill locations
• Location and improvements must have intrinsic, long-term value
• Capital available for acquisition or financing
• Location and improvements must have long-term value
• Loan terms of 10 to 30 years or more
• Loan payments can be stepped to maximize proceeds for a ground lease that steps
   

Credit Lease Transactions

• Strong tenants with long-term triple net (NNN) leases
• Self-amortizing or longer amortization schedules as warranted
• LTV as high as 90%
• DCR as low as 1.01x