Congregate Care, Assisted Living and Nursing Home Facilities.

Loan Types

10 year fixed rate, non-recourse, balloon loans with amortization schedules up to 30 years (25 years for nursing homes); 7 year terms considered on a base-by-base basis with a pricing adjustment.

Security

First mortgages secured by existing senior living facilities on fee simple land.  (leasehold mortgage loans available on an exception basis.

Principal Amount Range

$2 million and higher.

Interest Rate

Pricing based on T-Bill & spread on a deal by deal basis.

Debt Service Coverage

Minimum of 1.25-1.40 times depending upon property type, age, physical condition, location and construction.

Loan to Value

Up to 80% Congregate Care; 75% Assisted Living, 70% Nursing Home.

Prepayment

Defeasance

Secondary Financing

Prohibited; may be permitted under certain limited conditions on a case-by-case basis.

Application Fee

$10,000 non-refundable Inspection/Loan Processing Fee payable to Lender with the Loan Application.