Commercial Real Estate Division

Commercial Real Estate - Fannie mae

Fannie Mae Seniors Housing Multifamily Loan Program Guidelines:

Eligible Properties:

  • Independent Living, Assisted Living, and Assisted Living with Alzheimer's, in any combination or standalone.

  • Properties must be built to specifically meet the housing needs of seniors and must be fully equipped with a sprinkler system.

Ineligible Properties:

  • Properties that don't meet the minimum requirements for the Senior Housing Loan program may be processed under the Fannie Mae Standard Multifamily program.

Loan Size:

  • $2,000,000 with no maximum. 

Maximum Loan-to-Value:

  • ​​75% LTV.

Maximum CLTV:

  • 100% is possible with Joint Venture

Eligible Locations:

  • All 50 states, Puerto Rico, U.S. Virgin Islands, and Guam.

Fixed Rate Term:

  • Up to 30 years


  • 30 years. 

Minimum DSCR:

  • Independent Living: 1.30

  • Assisted Living: 1.40

  • Alzheimer's: 1.45

  • Independent Living and Alzheimer's Mixed: Weighted average of 1.30. and 1.45.

Prepayment Penalty:

  • The greater of 1% or yield maintenance.


  • Non-recourse for most loans subject to standard carve-outs.


  • Yes, subject to lender approval.


  • Tax and insurance required on higher leveraged loans.

Third Party Reports:

  • 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.

Sponsor Requirements:

  • Sponsors and Operators with a minimum of five years 


 Synergy Capital Markets

9453 De Soto Avenue

Suite M

Chatsworth, California 91311


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