$24.5 Million in Financing for a Retail Property in Pennsylvania
M&T Realty Capital Corporation® has arranged a $24,500,000 life insurance company loan for the refinance of a 170,614-sf retail property located in Philadelphia, PA.
Realty Capital Corporation
Conduit (CMBS) Loan Program
M&T Realty Capital Corporation® is an active originator of conduit loans. When we arrange the conduit financing, we also act as a borrower-advocate for any issues that may arise post-closing.
Property Types Financed
These loans are structured for refinance at maturity with an agency such as Fannie Mae, Freddie Mac, FHA/HUD or life company loans.
Multifamily properties with five or more residential rental units, including:
- Affordable housing
- Conventional (market-rate) multifamily
- Seniors housing – independent or assisted living
Residential care facilities, including:
- Nursing homes / skilled nursing facilities
- Alzheimer's or memory care!facilities
- Board and care facilities
- Rehabilitation facilities
- Hospitals
Loan Program Features!
Bridge loans typically include the following features. For specific information on this program, please contact us.
| Characteristic Terms1 | Bridge Loan Program |
|---|---|
| Minimum loan!amount | $5,000,000 |
| Maximum Loan-to-Value (LTV) | 80%. Loans will be sized based on the assumption that the source of the bridge loan repayment will be an Agency or FHA/HUD loan. Generally, the maximum allowable Bridge Loan will be at least 5% less than the estimated amount of the Agency or FHA/HUD permanent loan. |
Minimum Debt Service Coverage Ratio (DSCR) |
1.00x (based on a floor rate determined on a case-by-case basis, which is generally in the 6%-7% range). |
| Loan term | Minimum 12 months; maximum 24 months. Extensions are available, subject to performance thresholds. |
| Amortization | Interest-only |
| Rate type | Variable, floating over 1-month LIBOR2 |
| Recourse | Loan proceeds greater than 65% LTV will be recourse. Loan proceeds less than 65% LTV may be non-recourse with acceptable sponsor credit. and full-term available |
1 All loans and all terms referenced herein are subject to receipt of a completed application, credit approval and other conditions.
2 Subject to change at discretion of lender.
Get Started
Contact M&T Realty Capital Corporation to help.
Our program managers can talk through yourneeds to find options that work for you.
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