Term Sheets

FHA

Healthcare
Highlights:
Eligible Properties

Multifamily and healthcare properties that currently have FHA-insured loans with a Greystone company listed as the Mortgagee

Highlights:
ELIGIBLE PROPERTIES

Licensed Nursing Homes, Assisted Living, Intermediate Care, and Board and Care.

  1. Must provide continuous protective oversight;
  2. Must offer three meals per day;
  3. Facility must be licensed by state;
  4. Non-resident day care not to exceed 20% of gross area and 20% of gross income; and
  5. May include up to 25% non-licensed independent living units
Highlights:
ELIGIBLE PROPERTIES

Licensed Nursing Homes, Assisted Living, Intermediate Care, and Board and Care.

  1. Must provide continuous protective oversight;
  2. Must offer three meals per day;
  3. Facility must be licensed by state;
  4. Non-resident day care not to exceed 20% of gross area and 20% of gross income;
  5. May include up to 25% non-licensed independent living units; and
  6. Three years must have passed since last certificate of occupancy was issued

Multifamily
Highlights:
Eligible Properties

Multifamily and healthcare properties that currently have FHA-insured loans with a Greystone company listed as the Mortgagee

Highlights:
Eligible Properties

Market rate properties of any class, cooperatives, affordable or subsidized housing. Construction or any substantial rehabilitation must have been completed at least three years before application to HUD. Student housing is allowable, but cash flows cannot assume multiple rents from one unit and rents must be in line with market rate multifamily comparables.

Highlights:
ELIGIBLE PROPERTIES

All properties that currently have HUD insured loans.

Highlights:
Eligible Properties

Market rate, low-to-moderate income and subsidized multifamily properties.


Freddie Mac

Multifamily
Highlights:
Description

Borrowers who commit to making improvements based on the Green Assessment and are able to save 15% in energy or water usage get: 1. Better pricing and 2. More funds: Freddie Mac will underwrite up to 50% of projected energy savings.

Highlights:
Description

When you commit to reduce energy or water consumption by at least 15% according to a Green Assessment Plus, you may get better pricing and more funding to make these enhancements.

Highlights:
Description

Offers short-term, cost-effective financing for modest property upgrades. Borrowers receive competitive pricing and lower execution costs. Options for both interest-only and uncapped floating-rate loans are available. This loan is non-recourse and provides “one-stop” shopping” for upgrade and permanent financing.

Highlights:
DESCRIPTION

Financing for the acquisition or refinance of small balance loans, offering partial-term and full-term interest-only.

Benefits

  • Streamlined processes during pricing, underwriting, closing, and funding
  • Streamlined loan documents.
  • Markets nationwide
LOAN AMOUNT

$1 million to $5 million

LOAN TERM

20-year hybrid ARM with initial 5-, 7-, or 10-year fixed rate period; 5-, 7-, or 10-year fixed rate loan.

Highlights:
DESCRIPTION

Non-recourse, assumable fixed rate financing for the acquisition or refinance of stabilized multifamily rental or cooperative properties.

LOAN AMOUNT

Generally $5 million to $100 million (larger and smaller loans will be considered)

LOAN TERM

5-, 7-, and 10-year terms (up to 30 years if loan is not purchased for securitization)

Highlights:
DESCRIPTION

Non-recourse, assumable float-rate financing for the acquisition or refinance of stabilized multifamily rental properties. Floating-rate loans are not available for cooperative housing.

LOAN AMOUNT

Generally $5 million to $100 million (larger and smaller loans will be considered)

LOAN TERM

5-, 7-, and 10-year terms (up to 30 years if loan is not purchased for securitization)

Highlights:
DESCRIPTION

Non-recourse, assumable fixed-rate and floating-rate supplemental financing for stabilized multifamily properties. Cooperative properties are considered on a case-by-case basis.

SPLIT SUPPLEMENTAL LOAN
  • A supplemental loan placed at the same time as a newly originated Freddie Mac first loan.
  • Loans related to individual mortgages to be purchased through the Conventional Cash Mortgage Purchase Program, Targeted Affordable Housing Cash Mortgage Purchase Program, and conventional structured transactions that are not scheduled for securitization.
SEASONED SUPPLEMENTAL LOAN
  • A supplemental loan placed at least 12 months after origination of the first loan or the previous supplemental loan. More than one seasoned supplemental loan is permitted.
  • Loans behind existing first loans in good standing and purchased through the Conventional Cash Mortgage Purchase Program, Targeted Affordable Housing Cash Mortgage Purchase Program, and conventional structured transactions.
  • Prior loans (first loans and any prior supplemental loans in place) must have remaining terms of 3 years or more.
LOAN AMOUNT

Minimum $1 million

LOAN TERM

Split Supplemental: Coterminous with first loan; 30-year maximum

Seasoned: Coterminous with first loan or may exceed first loan by up to 24 months

Highlights:
DESCRIPTION

Forward Commitments or Immediate financing for the acquisition or refinance of affordable multifamily properties with 4% Low Income Housing Tax Credits (LIHTC) with at least 7 years remaining in the tax credit benefit period.

AFFORDABILITY REQUIREMENTS

Low-income qualifying restrictions. 20% or more units rented to families earning at or below 50% of Area Median Income (AMI), or 40% or more units rented to families earning at or below 60% of AMI. However, other affordability types will be considered. (May include bond refunding, substitution, or new issue transactions with 80/20 bonds, combination bonds, Section 8, Section 236 tax abatements, and LIHTC.)

LOAN AMOUNT

Minimum $3 million

LOAN TERM

For LIHTC transactions, the minimum term is equal to the lesser of the remaining LIHTC period (as long as there are at least 7 years remaining in the initial tax credit benefit period) or 15 years and the maximum term is 18 years.

Highlights:
DESCRIPTION

Non-recourse, assumable financing for the acquisition or refinance of stabilized manufactured housing communities (MHCs), with or without age restrictions. (Note: Seniors Housing Loans are not available with MHC loans.)

LOAN AMOUNT

Minimum $1 million

LOAN TERM

5 to 10 years.

 

Highlights:
DESCRIPTION

Offers a flexible liquidity source for properties undergoing significant renovation. Highly customized solutions for borrowers experienced in completing moderate rehabilitation deals. Allows for a wide variation in borrower term and structure needs.

ELIGIBLE PROPERTY TYPES
  • $25,000 – $50,000 in renovations per unit with a minimum of $7,500 per unit designated for interior work.
  • Minimum occupancy: rehabilitation plan may not take debt service coverage ratio below 1.0x on an interest-only basis.
LOAN STRUCTURES
  • Float-to-fixed. Conversion: fixed-rate after initial floating period; note rate to be determined at loan origination. (Note: varying combinations of fixed- and floating-structures will be considered on a case-specific basis.)
  • Interest-only during renovation
  • Hedge: Uncapped during renovation; cap required post-renovation if not converted to fixed-rate.

Seniors Housing & Healthcare
Highlights:
Description

Borrowers who commit to making improvements based on the Green Assessment and are able to save 15% in energy or water usage get: 1. Better pricing and 2. More funds: Freddie Mac will underwrite up to 50% of projected energy savings.

Highlights:
Description

When you commit to reduce energy or water consumption by at least 15% according to a Green Assessment Plus, you may get better pricing and more funding to make these enhancements.

Highlights:
Acquisition/Refinance of Permanent Loans
ILF IALF ALF
Acquisition/Non-Cash Out Minimum DSCR* 1.30 (Increased by 5 basis points for term less than 7 years) Weighted average based on unit mix (Increased by 5 basis points for term less than 7 years) 1.40 (Increased by 5 basis points for term less than 7 years)
Cash Out Refinance 1.35 (Increased by 5 basis points for term less than 7 years) 1.35 (Increased by 5 basis points for term less than 7 years) 1.45 (Increased by 5 basis points for term less than 7 years)
Acquisition/Non-Cash Out Refinance* 70% LTV 70% LTV 70% LTV

*Additional adjustments may be required based upon property, market and other transaction characteristics.

Highlights:
Freddie Mac Seniors Housing Program

Non-recourse, assumable financing for the acquisition or refinance of stabilized independent living (IL) and assisted living (AL) properties. Properties that assist residents with Alzheimer’s (ALZ) and/or Dementia are eligible for financing under Freddie Mac Seniors Housing Program. Newly constructed and stabilized Senior Housing facilities, as well as campuses containing skilled nursing beds, are also eligible for Freddie Mac Senior Housing program on a case-by-case basis. CCRCs are eligible on a case-by-case basis.

LOAN AMOUNT

Minimum $5 million, with exceptions on a case-by-case basis. Supplemental Loans are available under the Freddie Mac Seniors Housing Program.

LOAN TERM

5-, 7-, 10-, 15-, or 18-year balloons; 20-, 25- and 30-year fully amortizing.


Affordable Housing
Highlights:
Description

Borrowers who commit to making improvements based on the Green Assessment and are able to save 15% in energy or water usage get: 1. Better pricing and 2. More funds: Freddie Mac will underwrite up to 50% of projected energy savings.

Highlights:
Description

When you commit to reduce energy or water consumption by at least 15% according to a Green Assessment Plus, you may get better pricing and more funding to make these enhancements.

Highlights:
Bond Credit Enhancement – 4% LIHTC 9% LIHTC
Description Bond Credit Enhancements provide for the moderate rehabilitation with tenants in place of affordable multifamily properties with 4% LIHTC. Financing for the moderate rehabilitation with tenants in place of affordable multifamily properties with 9% LIHTC.
Type of funding Bond Credit Enhancements provide for the moderate rehabilitation with tenants in place of affordable multifamily properties with 4% LIHTC for the acquisition or refinance of stabilized affordable multifamily properties. Financing for acquisition/rehabilitation (max 24 months); based on projected post-rehab NOI; cash or letter of credit collateral required to fund gap between supportable debt on current NOI and mortgage amount (collateral held until stabilization); Interest only during the rehabilitation/stabilization period.
Eligible properties Garden, mid-rise or high-rise multifamily properties with 4% LIHTC undergoing moderate rehabilitation with tenants in place. Garden, mid-rise or high-rise multifamily properties with 9% LIHTC that are undergoing moderate rehabilitation with tenants in place.
Loan term Minimum of the remaining LIHTC compliance period. Maximum term of 35 years. Rehabilitation/stabilization period (max 24 months) will be included in loan term. Minimum of the remaining LIHTC compliance period. Maximum term of 35 years. Rehabilitation/stabilization period (max 24 months) will be included in loan term.

*Additional adjustments may be required based upon property, market and other transaction characteristics.

Highlights:
DESCRIPTION

Permanent financing for the acquisition or refinance of stabilized affordable multifamily properties.

AFFORDABILITY REQUIREMENTS

Low-income qualifying restrictions. 20% or more units rented to families earning at or below 50% of Area Median Income (AMI), or 40% or more units rented to families earning at or below 60% of AMI. However, other affordability types will be considered.

LOAN AMOUNT

Minimum $3 million

LOAN TERM

7 to 30 years.


Additional
Highlights:
DESCRIPTION

Financing for the acquisition or refinance of purpose-built student housing. May consider shorter student lease terms and combined student body of multiple schools to meet eligibility requirements.

ELIGIBLE PROPERTIES
  • Purpose-built student housing properties. Must have a minimum of one bathroom for every two bedrooms, and each apartment must have a separate full kitchen.
  • Stabilized garden, mid-rise, and high-rise apartment properties that are greater than 50% occupied by student tenants.
  • Supporting college/university has 8,000 or more students. (Student housing properties located within close proximity to multiple schools that have a combined student body of 8,000 students or more will be considered.)
  • Property is located less than two miles from college/university or on a public transportation route.
LOAN AMOUNT

Generally $5 million to $100 million (larger and smaller loans will be considered)

LOAN TERM

5 to 10 years (up to 30 years for fixed-rate loans if loan is not purchased for securitization).


Fannie Mae

Multifamily
Highlights:
Description

Provides lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to finance smarter, greener property improvements. Eligible improvements include new ENERGY STAR® appliances, energy efficient HVACs, low-flow toilets, solar-energy systems, and more.

Benefits

Lower interest rate, free energy and water audit report, up to 5% more loan proceeds, increased net cash flow by underwriting projected energy and water cost savings, no minimum investment per unit, attract more investors with the market’s only Green MBS.

Eligibility

Conventional and affordable housing including multifamily, seniors, student, military, and cooperative. Borrower must commit to installing capital improvements that target a 20% or more reduction to the whole property’s annual energy or water use. Improvements must be installed within 12mos. of loan origination, or 36mos. if part of a larger rehab. Properties may be located anywhere in the U.S.

Highlights:
Description

Hybrid ARM is a flexible financing tool that offers significant proceeds and a host of loan term options, providing liquidity to support the Small Loans market.

Highlights:
Description

Non-recourse, assumable financing for the acquisition or refinance of conventional multifamily properties with planned capital improvements in excess of $10,000 per unit for the entire property.

Highlights:
DESCRIPTION

Non-recourse, supplemental financing is available on existing DUS loans serviced by Greystone as a property’s value and income stream increase

LOAN TERM

5-, 7-, 10-, or 15-year balloon; 20-, 25-, or 30-year fully amortizing. Supplemental loans can be coterminous or non-coterminous (extending more than two years beyond the term of the first loan).

WAITING PERIOD

One-year gap required between closing of most recent loan and closing of additional supplemental loan.

Highlights:
DESCRIPTION

Fannie Mae’s Multifamily Mortgage Business offers long term financing with a very competitive variable interest rate that is convertible to a fixed rate.

Benefits:

  • Attractive low-cost financing
  • Convertible to fixed-rate financing
  • Flexible prepayment options
  • Ability to choose interest rate cap

Eligibility:

  • Existing, stabilized multifamily properties, including: Conventional, Manufactured Housing Communities.
  • Seniors Housing, Student Housing, and Moderate Rehabilitation Mortgage Loans may be eligible on a case-by-case basis
  • Multifamily Affordable Housing Mortgage Loans, Bond Credit Enhancements and Substantial Rehabilitation are not eligible
  • Loans of $25 million or more
  • Loans for acquisition or refinance
LOAN TERM

5, 7, or 10 years

Highlights:
DESCRIPTION

Streamlined underwriting for long-term fixed rate and variable rate financing for multifamily, manufactured housing, and cooperative properties up to $5 million.

LOAN AMOUNT

$750,000 to $5,000,000 in Baltimore; Boston; Chicago; Los Angeles; New York; Sacramento; San Francisco; San Jose; Seattle; and Washington, DC

$750,000 to $3,000,000 in all other eligible markets

LOAN TERM

Balloon loan terms of 5, 7, 10, or 15 years with amortizing terms up to 30 years, fully amortizing loans with terms up to 30 years, or hybrid ARM loan terms of 30 years with 7 or 10 years fixed.

Highlights:
DESCRIPTION

Non-recourse, fixed and adjustable rate financing for the acquisition or refinance of stabilized manufactured home communities.

LOAN AMOUNT

Minimum $3 million

LOAN TERM

5-, 7-, 10-, or 15-year balloon; 20-, 25-, or 30-year fully amortizing.

Highlights:
DESCRIPTION

Non-recourse, assumable fixed rate financing for the acquisition or refinance of stabilized multifamily rental or cooperative properties.

LOAN AMOUNT

Minimum $3 million

LOAN TERM

5-, 7-, 10-, or 15-year balloon; 20-, 25-, or 30-year fully amortizing.

Highlights:
DESCRIPTION

Fannie Mae provides credit enhancement for tax-exempt multifamily housing revenue bonds that have low- and moderate-income occupancy restrictions. Fixed rate bonds can be enhanced. Enhancement is rated AA, and can be used in either a new bond issuance, “Refunding,” or a “Credit Substitution.”

LOAN AMOUNT

Minimum $3 million

LOAN TERM

10 to 30 years.

Highlights:
DESCRIPTION

Fannie Mae Multifamily offers a 7-year variable-rate financing option with an embedded cap and an option to convert to fixed-rate.

  • Attractive low-cost financing
  • Maximum interest rate is set at rate lock
  • Convertible to a fixed-rate loan with minimal re-underwriting
LOAN TERM

7 years


Seniors Housing & Healthcare
Highlights:
Description

Provides lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to finance smarter, greener property improvements. Eligible improvements include new ENERGY STAR® appliances, energy efficient HVACs, low-flow toilets, solar-energy systems, and more.

Benefits

Lower interest rate, free energy and water audit report, up to 5% more loan proceeds, increased net cash flow by underwriting projected energy and water cost savings, no minimum investment per unit, attract more investors with the market’s only Green MBS.

Eligibility

Conventional and affordable housing including multifamily, seniors, student, military, and cooperative. Borrower must commit to installing capital improvements that target a 20% or more reduction to the whole property’s annual energy or water use. Improvements must be installed within 12mos. of loan origination, or 36mos. if part of a larger rehab. Properties may be located anywhere in the U.S.

Highlights:
Acquisition/Refinance of Permanent Loans
ILF IALF ALF ALZ
Minimum DSCR* 1.30 (Increased by 5 basis points for term less than 7 years Weighted average based on unit mix (Increased by 5 basis points for term less than 7 years) 1.40 (Increased by 5 basis points for term less than 7 years) 1.45 (Increased by 5 basis points for term less than 7 years)
Acquisition/Non-Cash Out Refinance* 75% LTV 75% LTV 75% LTV 70% LTV
Cash Out Refinance* 70% LTV 70% LTV 70% LTV 65% LTV

*Additional adjustments may be required based upon property, market and other transaction characteristics.

Highlights:
DESCRIPTION

Non-recourse, assumable financing for the acquisition or refinance of stabilized independent living (IL) and assisted living (AL) properties. Properties that assist residents with Alzheimer’s (ALZ) and/or Dementia are eligible for financing under Fannie Mae’s Seniors Housing Program. Newly constructed and stabilized Senior Housing facilities, as well as campuses containing skilled nursing beds, are also eligible for Fannie Mae’s Senior Housing program on a case-by-case basis. CCRCs are eligible on a case-by-case basis.

LOAN AMOUNT

Minimum $5 million, with exceptions on a case-by-case basis. Supplemental Loans are available under the Fannie Mae Seniors Housing Program.

LOAN TERM

5-, 7-, 10-, 15-, or 18-year balloons; 20-, 25-, and 30-year fully amortizing.


Affordable Housing
Highlights:
Description

Streamlined underwriting for long-term fixed rate financing for the acquisition or refinance of stabilized multifamily rental properties with rent and income restrictions, and/or Section 8 HAP Contracts.

Highlights:
Description

Provides lower pricing, additional loan proceeds, and a free Energy and Water Audit Report to finance smarter, greener property improvements. Eligible improvements include new ENERGY STAR® appliances, energy efficient HVACs, low-flow toilets, solar-energy systems, and more.

Benefits

Lower interest rate, free energy and water audit report, up to 5% more loan proceeds, increased net cash flow by underwriting projected energy and water cost savings, no minimum investment per unit, attract more investors with the market’s only Green MBS.

Eligibility

Conventional and affordable housing including multifamily, seniors, student, military, and cooperative. Borrower must commit to installing capital improvements that target a 20% or more reduction to the whole property’s annual energy or water use. Improvements must be installed within 12mos. of loan origination, or 36mos. if part of a larger rehab. Properties may be located anywhere in the U.S.

Highlights:
DESCRIPTION

Non-recourse, fixed rate financing for the acquisition or refinance of stabilized multifamily rental or cooperative properties with expiring use rent and income restrictions, affordable preservation, moderate rehab, and/or Section 8 HAP Contracts.

AFFORDABILITY REQUIREMENTS

An MAH Property must have rent, income and/or occupancy restrictions that meet or exceed one of the following requirements:

  • “20% @ 50%”: at least 20% of all units have rent or income restrictions in place such that the rents charged for those units are affordable to households earning no more than 50% of Area Median Income (AMI) as adjusted for family size; or
  • “40% @ 60%”: at least 40% of all units have rent or income restrictions in place such that the rents charged for those units are affordable to households earning no more than 60% of AMI as adjusted for family size.
  • Section 8 Housing Assistance Payment (HAP) contract: at least 20% of all units are subject to a project-based HAP contract; or
  • Special Public Purpose: the Property (i) has other rent and/or income restrictions, and (ii) meets a noteworthy special public purpose. Such a Property may be considered on a waiver basis for eligibility as an MAH Property.
LOAN AMOUNT

Minimum $1 million

LOAN TERM

7 to 30 years.

Highlights:
DESCRIPTION

Fannie Mae provides a 24- to 30-month forward commitment with or without rate lock prior to delivery of the permanent loan.

PROPERTY TYPE

Multifamily; new construction and rehabilitation.

LOAN AMOUNT

Minimum $1 million

LOAN TERM

Up to 30 years


Additional
Highlights:
DESCRIPTION

Non-recourse, fixed, and adjustable rate financing for the acquisition or refinance of stabilized Student Housing (20% to 80% student concentration) and Dedicated Student Housing properties (greater than 80% student concentration).

LOAN AMOUNT

Minimum $3 million

LOAN TERM

5-, 7-, 10-, or 15-year balloon; 20-, 25-, or 30-year fully amortizing.


CMBS

Additional
Highlights:
Description

Non-recourse, assumable subordinate financing for the acquisition or refinance of stabilized multifamily, retail, office, hotel, industrial, and self-storage properties financed simultaneously with Greystone CMBS mortgage loans.

Loan Amount

$500,000 – $5,000,000

Highlights:
DESCRIPTION

Non-recourse, assumable fixed rate financing for the acquisition or refinance of stabilized multifamily, retail, office, hotel, industrial, and self storage properties.

LOAN AMOUNT

Minimum $5 million

LOAN TERM

5- to 10-year balloon; 15-year fully amortizing, interest only periods are available.


Bridge / Mezzanine

Healthcare
Highlights:
DESCRIPTION

This program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategy.

Our bridge loan program can be used to finance stabilized properties while Greystone underwrites the permanent financing and funds moderate rehabilitation or retenanting where the Borrower requires short-term debt to finance renovations to complete a value add strategy and secure permanent financing through a FHA, Fannie Mae or Freddie Mac execution.

ELIGIBLE PROPERTIES

Independent living, assisted living and skilled nursing properties

LOAN AMOUNT

$5 million to $35 million

LOAN TERM

Generally, loans with terms up to 36 months (including extensions).


Multifamily
Highlights:
Description

Non-recourse, assumable subordinate financing for the acquisition or refinance of stabilized multifamily, retail, office, hotel, industrial, and self-storage properties financed simultaneously with Greystone CMBS mortgage loans.

Loan Amount

$500,000 – $5,000,000

Highlights:
DESCRIPTION

This program is specifically designed for properties that are either stabilized or are in need of minor to moderate renovation or other value-add strategy.

Our bridge loan program can be used to finance stabilized properties while Greystone underwrites the permanent financing and funds moderate rehabilitation or retenanting where the Borrower requires short-term debt to finance renovations to complete a value add strategy and secure permanent financing through a FHA, Fannie Mae, and Freddie Mac (in certain markets).

ELIGIBLE PROPERTIES

Multifamily and mobile home park.

LOAN AMOUNT

$5 million to $75 million (larger or smaller upon request)

DEAL STRUCTURE

Variable rate first mortgage.

LOAN TERM

Typically up to 3 years (including extensions)


EB-5