Eligible Properties:

Food/drug anchored retail; regional malls; shadow anchored retail; power centers; community centers; unanchored retail; investment grade and non-investment grade single tenant retail; post-1980 construction or substantial rehab

Loan Type:

10-year fixed rate mortgage (other terms may be available upon request)

Preferred Loan Size:

$3 million and larger

Maximum Loan:

Amount equal to the lesser of:

1. 75-80%* of appraised value; or

2. 1.25-1.30* debt service coverage

*depending on age and condition of property

Interest Rates:

Determined by market rates at the time of rate lock. Rates vary by loan-to-value ratio, debt service coverage and property quality

Amortization:

Up to 30-year schedule

Personal Recourse:

None, except for standard exceptions to non-recourse, which are the responsibility of the Key Principal(s)

Assumability:

Assumable, subject to Lender's approval and a 1% transfer fee

Prepayment:

Standard defeasance (yield maintenance options may be available)

Subordinate Financing:

Generally not permitted

Underwriting Parameters:

Vacancy – greater of 5-10% or market.

Minimum reserves - $.15/sf

Escrows:

125% of estimated cost of required repairs, if any, as determined by physical inspection

Monthly escrows for real estate taxes, property insurance, tenant improvements and leasing commissions and replacement reserves

Application Fee:

Based on estimated underwriting costs for appraisal, architectural/engineering report, environmental assessment and other loan processing costs

Financing Fee:

Negotiable

Closing Expenses:

Standard transaction costs, including legal fees, title insurance and survey

Preliminary Submission Package:

Include the following in your request for a loan quote:

1. Property description and location map
2. Representative color photographs
3. Current rent roll and year-to-date operating statement
4. Operating history - prior 3 years, if available
5. Current year operating budget
6. Existing debt and cost basis
7. Sponsor resume