ELIGIBLE PROPERTIES:
Existing independent and assisted living properties.
LOAN TYPE:
Fixed and adjustable-rate. Bond credit enhancement available.
TERM:
5 - 30 years.
PREFERRED LOAN SIZE:
$5 million and larger.
MAXIMUM LTV:
75% of appraised value (80% for tax-exempt financing).
MINIMUM DSCR:
1.30x to 1.45x depending on property type.
INTEREST RATES:
Determined by market rates at the time of rate lock. Rates vary by loan-to-
value ratio and debt service coverage.
AMORTIZATION:
Typically 30 years. Partial or full-term interest-only periods may be available.
PERSONAL RECOURSE:
Non-recourse except for standard carve-out provisions.
ASSUMABILITY:
Assumable, subject to CWCapital approval and a 1% transfer fee.
PREPAYMENT:
Yield maintenance.
SUBORDINATE FINANCING:
Fannie Mae Supplemental Loans (second mortgages) available 12
months after initial loan closing.
ESCROWS:
125% to 150% of estimated cost of required repairs, if any, as
determined by the physical inspection.
Monthly escrows for real estate taxes, property insurance and
replacement reserves are required.
APPLICATION FEE:
Based on estimated underwriting costs for appraisal, architectural/
engineering report, environmental assessment, management operations review and other loan processing costs.
FINANCING FEE:
Typically 1%.
CLOSING EXPENSES:
Standard transaction costs, including legal fees, title insurance
and survey.
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This is a summary of general program terms, which are subject to change. This is not a commitment to lend.