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Mezzanine Apartment Loans Overview

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Mezzanine Apartment Loans Overview

Crefcoa Mezzanine Apartment Loan program provides higher leverage apartment financing by combining a conventional senior A Note with a Mezzanine B Note to provide up to 85%-90% combined loan-to-value (CLTV). Both products are underwritten and closed together.
  • Mezzanine apartment financing simplified with one source, one underwriting and one set of documents.
  • No pledge of ownership required (mezzanine debt not equity based platform).
  • Larger loan sizes and easier qualifying with combined DSCR of 1.05-1.07.
  • Senior A Note retains standard program integrity.
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Mezzanine Financing for Apartment Buildings Guidelines

  • Senior A Note up to 80% LTV
  • Combined DSCR of 1.05-1.07
  • A Note 360 month amortization
  • A Note YM or defeasance prepay
  • 1-4% origination fee on B Note
  • Mezzanine B Note to 85%-90% CLTV
  • 5 / 7 / 10 year fixed rate terms
  • B Note term coterminous with A Note
  • B Note yield maintenance prepay
  • B Note may be retired independently
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What You Need to Know

Crefcoa Mezzanine Apartment Financing program parameters are standard but are subject to change based on borrower financial condition, property constraints and economic conditions.
Advantages
  • Up to 90% leverage
  • Low combined DSCR requirements
  • A and B Notes have coterminous terms
  • A and B Notes jointly underwritten and closed saves time and money
Constraints
  • Mezzanine debt is expensive
  • Larger loan sizes required
  • Major markets preferred
  • Minimum liquidity, net worth and experience requirements for sponsorship
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Crefcoa relies on our more than two decades of experience to help our borrowers make the right decisions. View all of our commercial mortgage programs online, or contact a commercial mortgage professional to learn more about the commercial loan and apartment loan programs available in your area.

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