Financing Options - Prudential Mortgage Capital Company

TYPICAL USES

Pre-stabilized or stabilized apartments
Bulk distribution / Industrial
Grocer / drug anchored retail
Four-star hotels
Cross-collaterized portfolios
Seniors housing
Dominant malls / lifestyle centers / power centers

Fixed and Floating Rate
$5 – $200 Million
3– 20 Year Term

• Rate lock at application
• Forward commitments
• Earnouts, holdbacks, interest-only periods
• Yield maintenance / structured prepayment options
• Non-recourse except for standard commercial carve-outs

TYPICAL USES

Stabilized and pre-stabilized multifamily properties

Specialized properties including affordable (LIHTC), student, seniors and manufactured housing

PROGRAMS

DUS™ Multifamily Mortgage

DUS/ARM Multifamily Mortgage

Revolving Credit Facility

Credit Enhancement (fixed-rate and weekly variable-rate housing revenue bonds)

Construction Loan Takeout for LIHTC

DMBS (Exceptionally priced ARM structure for loans over $25 million)

Mezzanine (available behind DUS first mortgage)

Extended Maturity (fixed, floating)

Early Rate Lock
Yield Maintenance
Defeasance
Structured Prepayment Options

•	Supplemental loan program
•	Non-recourse except for standard commercial carveouts
•	Forward commitments
•	Single Asset Substitution option

TYPICAL USES

Stabilized multifamily rental

Stabilized healthcare facilities

Properties for new construction or substantial rehabilitation

PROGRAMS

Acquisition or refinance of:

Multifamily Rental Housing
Seniors Housing
Healthcare Facilities

New construction and/or substantial rehabilitation of:

Multifamily Rental Housing
Seniors Housing
Healthcare Facilities including Special Care
Hospitals

Permanent Fixed Rate
Terms: New Construction/Rehab

Period + up to 40 Years
Existing up to 35 Years

•	Fully amortizing, fully assumable
•	Non-recourse
•	Integrated construction/ permanent financing
•	Credit enhancement for tax-exempt financing

TYPICAL USES

For-profits and non-profits
Affordable housing preservation
LIHTC eligible properties
Properties financed with
80 / 20 tax-exempt bonds
100 units or more

AGENCY AND PROPRIETARY PRODUCTS:

Fannie Mae DUS Affordable Loans
Freddie Mac Targeted Affordable Loans
Proprietary Non-Agency, Tax-Exempt Bond Enhancements
Privately-Placed, Unrated Bonds
FHA Affordable Loans
Bridge Loans
Mezzanine / Structured Financing for Non-Profits
Construction / Permanent Financing for Union-Built Properties

TERMS
• $3 - $300 Million
• Both short-term and long-term structures
• Other features available

TYPICAL USES

Properties not yet ready
for permanent financing —
Primarily:

Apartments with renovation
or rehabilitation potential

Pre-stabilized apartment

Multi-tenant industrial

Multi-tenant office

Anchored retail with
renovation / repositioning

Flagged hotels

Mezzanine Loans, Equity, B-notes, Preferred Equity
Bridge Loans
$10 – $30 Million

PROGRAM OFFERS

•	2- to 3-year terms (extension to 5 years available)
•	Interest-only available
•	Holdbacks or funded reserves for renovation/re-leasing
•	Short lockout periods
•	30-day LIBOR based pricing
•	Risk-adjusted fees and pricing