Multifamily development financing

Qualifying projects

Multifamily construction projects including apartments, condominiums, student housing, build-to-rent, and age-restricted housing. Mixed use assets on a case-by-case basis.

Multifamily construction financing offering*

• Financing amount
  $10MM – $500MM+
• Lending footprint
  All states with active C-PACE programs with the exception of NY.
  Current states include: AK, CA, CO, CT, DE, FL, GA, HI, ID, IL, KY, MA, MD, ME, MI, MN, MO, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, TN, TX, UT, VA, WA, WI & D.C.
• Property type
  Multifamily construction projects including apartments, condominiums, student housing, age-restricted housing, and mixed use assets on a case-by-case basis
• C-PACE eligible upgrades
  Hard, soft, and associated costs connected to mechanical, electrical, plumbing, building envelope improvements and renewable energy sources. Examples include HVAC, LED lighting + facility controls, boilers, windows, and solar. Subject to a technical review and administrator approval.
• Origination fee
  1%
• Term
  Senior: 24-36 months
  C-PACE: Fully amortized over 20 to 30 years
• Interest only
  Senior: Interest Reserve to cover debt service
  C-PACE: 3 years deferred P&I payments during construction
• Loan to cost
  Up to 75% of total project cost including an interest reserve
• C-PACE loan to value
  Maximum LTV of 35% on the as-stabilized or as-complete value
• Prepayment
  Tailored prepayment fees that step down over time
• Recourse
  C-PACE: Non-recourse upon completion with standard carve-out provisions
• Disbursement schedule
  Budget review; milestone-based disbursement schedule, which is generally pro rata between the C-PACE and the Senior
• Fully transferable
  C-PACE may be paid off at sale/refinancing or may be transferred with title with no cost or assumption requirements
• General contractor
  Subject to review and background check and C-PACE program registration