Property Type – Anchored, Shadow Anchored and Unanchored Retail Centers
Loan Size - $5,000,000 or greater
Security – First mortgage on the Fee Simple Interest. Leaseholds will be considered on a case by case basis.
Loan Terms – 5, 7, 10, or 20 years
Amortization – Up to 30 year amortization*
Interest Only – Interest only period are available, include full term interest only.
Debt Service Coverage Ratio – Minimum DCSR 1.25x
Borrower – Generally, must be a bankruptcy remote, single purpose entity. Non-recourse to Borrower and Key Principals except for standard carve-outs including fraud, misapplication of funds, environmental and voluntary bankruptcy.
Maximum Loan to Value – 80%
Loan Escrows – Taxes and Insurance, Tenant Improvements and Leasing Commissions, and Replacements for Capital Expenditures.
Reserves at Closing – The Borrower shall establish a deferred maintenance reserve account at closing equal to 125% of required deferred maintenance repairs.
*Longer term amortization is available on an exceptional basis.