Product Details
Apartment Loans
Beaverton
A Quality Product from
Pacific Security Capital [View Profile]
Beaverton - United States
Description :
Eligible Properties:
Acquisition, Refinance and Repositioning of both garden-style and hi-rise multifamily/condo properties are acceptable. Stabilized properties are defined by the greater of 90% or sustaining occupancy. We will consider non-stabilized properties on a bridge/interim basis.
Eligible Property Locations:
Nationwide. Market areas with a stable current occupancy. Rent concessions will be underwritten cautiously and typically require higher coverage and reserves.
Loan Size:
$1Million - No maximum loan size and will also consider larger portfolio transactions with suitable project economics and sponsorship.
Debt Service Coverage:
1.20x for Conduit, Life Company and Pension Plan Programs and 1.25x for Agency Loans. Properties below 1.20x in need of repositioning and/or redevelopment will be considered using bridge/interim funding on an interest only or float-to-fixed basis.
Loan-to-Value Ratio:
First Position: Up to 80% for Fannie Mae DUS, Conduit and Life Company Programs, and up to 90% on FHA insured loan program and interim facilities.
Junior Position: We can move up the leverage curve for properties that can accommodate secondary financing in the form of mezzanine debt or other structured finance options.
Loan Term:
Permanent Loan Terms: 3, 5, 7, 10, 15, 20, 30, and 35years
Construction Loan Terms: PSC is a large balance construction lender only financing transactions with in excess of $20MM with terms of 12 ? 36 months with extensions available.
Amortization:
35 years or less depending on age, quality of construction and market location.
Tenancy:
Leases should be at least 6 months at initial occupancy of a tenant. Consider corporate-type, short-term leases at initial occupancy of a tenant. Consider corporate-type, short-term leases providing furniture and/or maid service on a case-case basis.
NOI Calculation:
Strongly prefer to receive three full years of operating history. Underwrite rental revenues based on last three monthly rent rolls and trailing 12-month history with adjustments where appropriate. Other income, if sustained, on trailing twelve months basis. Generally underwrite expenses based on last full fiscal year, plus a 3% inflation factor subject to industry averages.
Vacancy Factor - The greater of 5%, local market average or the actual property for the most recent 12-month period (including all forms of economic rent loss).
Management Fee - The greater of 5% effective gross income, the actual management contract fee rate, or the industry average.
Capital Reserves - Generally ranging from $150 to $250 per unit, based on the final engineering report, physical inspection, tenancy and age of property.
Time Frames:
Term Sheets within 48 hours, Commitments within 30 days of Application, Closing within 60 days of commitment.
Fees:
Fees and deposits vary depending on the type of financing being requested and the overall strength of the sponsor and the project. In any event, no fees will be due prior to the issuance of a Loan Application.
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Pacific Security Capital deals in :
We provide services of Global Investment Banking Services to the Commercial Real Estate Industry. Commercial Real Estate Financing Services Overview :- Commercial Real Estate Loans Equity Capital Sources Property Types Permanent Financing Advisory Services -Capital Partner Services (pdf) -Capital Formation and Acquisition Services Services :- Commercial real estate loans :- Specializing in large balance and portfolio transactions. Structured finance :- Proven capital markets and commercial real estate experience. Investment sales :- Full offering of buy-side, sell-side and professional services. Advisory services :- The best in commercial real estate expertise. Development services :- A full range of development services. Commercial Real Estate Articles :- Pacific Security Capital's management team is comprised of seasoned commercial real estate professionals. Select members of our senior mangement team are widely regarded as some of the leading experts in their respective practice areas and have published numerous articles on a variety of commercial real estate topics. We have archived the following representative selections which share PSC's insight into industry trends and topics of general interest. Reproduction in whole or any part of the content contained in these articles is strictly prohibited without the express prior written consent of the author. Glossary of Real Estate Terms :- This Glossary has been provided as a courtesy to assist you in gathering information relative to your commercial real estate financing needs and has been linked to various pages within the Pacific Security Capital website for your convenience. If you do not find what you're looking for in this glossary, please do not hesitate to contact us or review our FAQ's page. Thank you for your consideration. Services :- Acquisitions and Dispositions; Advisory Services; Development Services; Equity Financing; Mezzanine Financing; High Leverage Bridge & Interim Financing; Standby Commitments; Pre-Sale Investments; Participating Mortgages; UpREIT/DownREIT Transactions; Sale Leaseback Transactions, and; A variety of other structured finance transactions.
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