Lending Guidelines

Property Types

Office, Multi-family, Retail, Industrial, Full-Service Hotels

Markets

Primary Markets, Domestic and International

Preferred Size

$20 Million to $375 Million (per single property)

Term

Fixed Rate:5 to 30 Years / up to 90-day rate lock at application
Floating Rate: 3 to 5 Years, 30, 60, 90 Day LIBOR plus spreads; Floor rates may apply

Parameters

Amortization: 20 to 30 years; Interest Only on loans under 50% LTV Coverage: Minimum 1.2x on amortizing basis at interest rate cap
Secondary Financing: Case by case with adequate debt coverage on entire capital stack and acceptable intercreditor agreement

Product Types

• Secured Credit Facilities comprised of Term Loans and Revolvers
• Subscription Lines secured by investor capital commitments
• Traditional Warehousing and Term Facilities for debt platforms
• Co-Lending Large Loans; A-Notes, Pari-Passu and Senior/Sub

Preferred Size

Secured Credit Facilities: $100 million to $750 million
Subscription Lines: $50 million to $100 million
Warehousing: $100 million to $500 million
Co-Lending: $50 million to $200 million

Term

Fixed or Floating / 3 to 10 Years
- Secured Credit Facilities can combine multi-rate/duration tranches

Borrowers

Real Estate Funds, Separate Accounts, REOCs/REITs and Insurance Companies

Property Types

Office, Multi-Family, Industrial, Full-Service Hotel and Retail

Markets

Prefer primary markets, domestic and international