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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 provides limited
programs of assistance for the elderly
beyond meals and transportation. These
units typically resemble conventional
apartment units.
- Assisted Living provides non-medical
care and assistance with Activities of
Daily Living (ADLs), which can be
medication management, bathing,
dressing, toileting or ambulating. ADL
communities are licensed and regulated
by a state or local government.
- Memory Care provides services to
residents with Alzheimer’s disease or
dementia. They may have additional
licensing requirements, differing by
state.
- Skilled Nursing facilities provide a
higher level of nursing or ambulatory
care. They are often for short term
rehab. Fannie Mae does not purchase
Mortgage Loans secured by a Property
comprised of 100% Skilled Nursing. For
the mortgage Loan to be eligible for
purchase by Fannie Mae, the Skilled
nursing units cannot contribute more
than 20% of the Property’s overall net
cash flow (NCF).
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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 two stabilized properties.
Operators with less experience considered on
an exception basis. |
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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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