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Fannie Mae Seniors Housing Loan Program

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Apartment Loans for Senior Housing Properties

Crefcoa provides apartment loans for senior housing properties through the following programs:
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.

Fannie Mae Multifamily Seniors Housing Loan Program Overview

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.
  • Prefer loan sizes above $2 million
  • Up to 75% LTV
  • Fixed rate terms up to 30 years
  • Non-recourse
  • Assumable
  • Available for experienced operators

Fannie Mae Seniors Housing Multifamily Loan Program Guidelines

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.
Eligible Sponsors Sponsors and Operators with a minimum of five years
experience in the seniors housing industry and a minimum of
five stabilized properties.
Eligible Locations All 50 states, Puerto Rico, U.S. Virgin Islands, Guam.
Loan Size $2,000,000 with no maximum.
Fixed Rate Term Up to 30 years.
Amortization 30 years.
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.

Maximum LTV 75%.
Interest Accrual Actual/360 or 30/360.
Prepayment Penalty The greater of 1% or yield maintenance.
Guarantee Non-recourse for most loans subject to standard carve-outs.
Assumable Yes, subject to lender approval.
Impounds Tax and insurance required.
Replacement Reserves Required.
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.