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FANNIE MAE DUS®

Seniors Housing

More than two decades of leadership in the Seniors Housing market.

BENEFITS

  • Customized solutions.
  • Flexible yield maintenance periods.
  • Competitive pricing.
  • Certainty of execution.
  • Speed in processing and underwriting.
  • ELIGIBILITY
    • Existing, stabilized, purpose-built Seniors Housing Properties.
    • Sponsors and Operators experienced in the Seniors Housing industry.
    • Lenders experienced in financing Seniors Housing and approved by Fannie Mae for participation.
  • TERM

    5 – 30 years.

  • AMORTIZATION

    Up to 30 years.

  • INTEREST RATE

    Fixed- and variable-rate options available. For the availability of variable rate options, please contact your Lument representative.

  • MAXIMUM LTV
    • 75%
    • 80% for fixed-rate tax-exempt bonds.

    For the availability, please contact your Lument representative.

  • MINIMUM DSCR
    • 1.30x, if the property is 100% Independent Living.
    • 1.40x, if the property is 100% Assisted Living.
    • 1.45x, if the property is stand-alone Alzheimer’s/Dementia Care.

    For combinations of IL, AL and ALZ, special rules apply to calculate minimum DSCR.

  • SUPPLEMENTAL FINANCING

    Supplemental Mortgage Loans are available.

  • PREPAYMENT AVAILABILITY

    Mortgage Loans may be voluntarily prepaid upon payment of the required prepayment premium per the Loan Documents.

  • RATE LOCK

    30- to 180-day commitments. Borrowers may use the Streamlined Rate Lock option.

  • ACCRUAL

    30/360 and Actual/360.

  • RECOURSE

    Non-recourse execution is available with standard carve-outs for “bad acts” such as fraud and bankruptcy.

  • ESCROWS

    Replacement reserve, tax, and insurance escrows are typically required.

  • THIRD PARTY REPORTS

    In addition to standard third-party reports (including Appraisal, Phase I Environmental Site Assessment, and Property Condition Assessment), management and operations reports are required for all Seniors Housing Properties. Licensed Seniors Housing Properties also require a Regulatory Compliance report.

  • ASSUMPTION

    Seniors Housing Mortgage Loans are typically assumable, subject to review and approval of the new Borrower’s financial capacity and experience.

  • FINANCING OPTIONS

    Acquisitions, Refinances, and as part of a Credit Facility.


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