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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 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).
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.
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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