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Apartment Loan Quick Links |
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Apartment Loans for Senior
Housing Properties
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Crefcoa
provides apartment loans for senior housing properties
through the following programs:
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| Borrowers seeking
multifamily financing for adult 55+ communities with no
medical and limited food service may be eligible for multifamily
financing under one of
Crefcoa's multifamily loan programs. |
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Fannie Mae Multifamily Seniors Housing Loan Program Overview
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The Fannie Mae Seniors
Housing Loan program provides mortgages for existing,
stabilized, purpose built Seniors Housing properties
that provide Independent Living, Assisted Living,
Alzheimer’s/Dementia Care, or any combination or
standalone.
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Prefer loan sizes above $2 million
- Up to 75% LTV
- Fixed rate terms up to 30 years
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- Non-recourse
- Assumable
- Available for experienced operators
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Fannie Mae Seniors Housing Multifamily Loan Program Guidelines
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Eligible Properties |
- Independent Living, Assisted Living,
and Assisted Living with Alzheimer's, in
any combination or standalone.
- Properties must be built to
specifically meet the housing needs of
seniors and must be fully equipped with
a sprinkler system.
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Eligible Sponsors |
Sponsors and Operators with a minimum of
five years
experience in the seniors housing industry
and a minimum of
five stabilized properties. |
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Eligible Locations |
All 50 states, Puerto Rico, U.S. Virgin
Islands, Guam. |
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Loan Size |
$2,000,000 with no maximum. |
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Fixed Rate Term |
Up to 30 years. |
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Amortization |
30 years. |
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Minimum DSCR |
Independent Living: 1.30. Assisted
Living: 1.40.
Alzheimer's: 1.45.
Independent Living and Alzheimer's Mixed:
Weighted average of 1.30. and 1.45. |
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Maximum LTV |
75%. |
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Interest Accrual |
Actual/360 or 30/360. |
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Prepayment Penalty |
The greater of 1% or yield maintenance. |
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Guarantee |
Non-recourse for most loans subject to
standard carve-outs. |
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Assumable |
Yes, subject to lender approval. |
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Impounds |
Tax and insurance required. |
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Replacement Reserves |
Required. |
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Third Party Reports |
Standard third-party reports including
Appraisal, Phase I Environmental Assessment
and a Physical Needs Assessment are
required. In addition, a Consultant’s Report
on Management and Operations is required for
all types of seniors housing properties, and
a Regulatory Compliance Report is required
for licensed seniors housing properties. |
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| Visit
Crefcoa's home page to learn more about all of our
commercial mortgages for Seniors Housing properties
including, assisted living, Alzheimer's and independent
living. |
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