Commercial Real Estate Division
Commercial Real Estate - Fannie mae
Fannie Mae Seniors Housing Multifamily Loan Program Guidelines:
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Eligible Properties:
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Independent Living, Assisted Living, and Assisted Living with Alzheimer's, in any combination or standalone.
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Properties must be built to specifically meet the housing needs of seniors and must be fully equipped with a sprinkler system.
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Ineligible Properties:
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Properties that don't meet the minimum requirements for the Senior Housing Loan program may be processed under the Fannie Mae Standard Multifamily program.
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Loan Size:
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$2,000,000 with no maximum.
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Maximum Loan-to-Value:
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​​75% LTV.
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Maximum CLTV:
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100% is possible with Joint Venture
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Eligible Locations:
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All 50 states, Puerto Rico, U.S. Virgin Islands, and Guam.
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Fixed Rate Term:
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Up to 30 years
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Amortization:
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30 years.
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Minimum DSCR:
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Independent Living: 1.30
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Assisted Living: 1.40
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Alzheimer's: 1.45
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Independent Living and Alzheimer's Mixed: Weighted average of 1.30. and 1.45.
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Prepayment Penalty:
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The greater of 1% or yield maintenance.
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Guarantee:
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Non-recourse for most loans subject to standard carve-outs.
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Assumable:
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Yes, subject to lender approval.
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Escrows:
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Tax and insurance required on higher leveraged loans.
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Third Party Reports:
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Appraisal, Market Study, Phase I Environmental, Engineering Report and Seismic where applicable. In addition, a Consultant’s Report on Management and Operations is required for all types of seniors housing properties, and a Regulatory Compliance Report is required for licensed seniors housing properties.
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Sponsor Requirements:
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Sponsors and Operators with a minimum of five years