We have a MF program that you may be interested in . We are targeting $10mm + projects for both redevelopment and ground up construction opportunities. Below is a quick summary . Please keep in mind these are just guidelines, and there is flexibility and terms are subject to change on a deal-by-deal basis. I hope this helps. Participating Mortgage ProgramSize: $10mm +Leverage: 75%-95%+Loan Term: 2-3 years beyond the construction periodAsset Classes: Multifamily, Industrial, Medical Office, Office, Grocer Anchored Retail, Self-Storage, Built To Rent, Single Tenant Net Lease, Car Wash, and other types of retail. Structure: 5.75% coupon and a participation in net cash flow and profit at exit.Participation: As a guide, participation will be 30%-35% at 80%-85% leverage and 50% at 90%+ leverage. The program maxes out at 85% LTC for spec deals and can get to 90%+ for de-risked opportunities such as build-to-suit or pre-leased properties.Return on Cost: We are targeting a 7.0% stabilized return on cost.Recourse: Full through construction burning down to 50% at CO with a 1.0x debt service coverage ratio(DSCR) on an Interest Only basis, and then non-recourse when the Property achieves a 1.0x DSCR on amortizing basis.The financing is structured as debt, so the Sponsor receives 100% of the depreciation and the mortgage interest tax benefit. Finally, this is balance sheet execution.We do not have a targeted IRR, minimum multiple, or any hurdles, and there is no claw back in our program.
