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Loan Type:
Fixed-rate, non-recourse, permanent loan
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Amount:
$2 to $200 million
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Loan-to-Value:
Maximum of 80%
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Debt Coverage:
Minimum of 1.20x
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Interest Rate:
Competitive spread over the comparable
Treasury
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Term:
10 years
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Amortization:
30 years
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Rate Lock:
Rate locked at acceptance of commitment and
payment of a 2.0%, fully-refundable fee.
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Commitment:
Written commitment typically given upon
completion of underwriting and satisfactory review of Third Party
Reports.
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Application Fee:
$5,000, payable at application
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Placement Fee:
1.0%, payable to Progressive at closing
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Deposit:
$12,000 deposit covering cost of Third Party
Reports, payable at application.
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Recourse:
Non-recourse, subject to standard
carve-outs
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Prepayment:
Defeasance
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Secondary
Financing:
Pledge of partnership interests
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Assumability:
Fully assumable with payment of a 1.0%
assumption fee
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Borrowing Entity:
SPE is preferred
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Ground Leases:
Considered on a case-by-case
basis
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Third Party
Reports:
Appraisal, environmental and structural reports are
required. Each report will be subject to review and approval by
lender. Approximate cost for Third Party Reports, $12,000.
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Legal:
Lender legal will be performed by lender
appointed counsel. Approximate cost for Legal, $10,000.
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TI/LC Reserves:
If applicable to property type, Tenant
Improvement and Leasing Commission Reserves will be calculated and
underwritten based on market conditions and tenant expiration schedule.
TI/LC reserves are typically collected.
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Replacement
Reserves:
Replacement Reserves will be calculated and
underwritten based on engineering report findings. Replacement Reserves
are typically collected.
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Tax and
Insurance:
Monthly tax and insurance escrows will be
collected
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Financial
Reporting:
Annual and quarterly financial statements
are required
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Documentation:
Standard documents will be utilized