Permanent Debt
Permanent Debt | Multifamily
| Loan Amounts: | $5 to $250 Million (Lower Case-by-Case) |
| Max LTV/LTC: | Up to 80% (Depending on Market) |
| Cash Out: | Unrestricted (Tax-Free, Consult Your Tax Advisor) |
| Purpose: |
Acquisition or Refinance of a Stabilized Property |
| Coupon Rates: | Call for Current Pricing |
| Amortization: |
30 Years |
| Terms: | 3, 5, 7 or 10 Years |
| Fees: | 1% |
| DSCR: | 1.25 |
| Pre-payment: | Yield Maintenance or Defeasance |
| Guaranty: | Non-Recourse |
| Escrows: | Taxes, Insurance, Replacement Reserves |
| Markets: | Nationwide |
| Segments: | Class A and B Properties |
Bridge/Transitional Financing
Bridge/Transitional | Multifamily:
| Loan Amounts: | $5 Million and Up (Lower Amounts Case-by-Case) |
| Max LTV/LTC: | Up to 85% (With Clearly Defined Exit Strategy) |
| Purpose: |
Acquisition, Refinance or Repositioning |
| Coupon Rates: | Call for Current Pricing |
| Amortization: |
Interest Only |
| Interest Reserve: | Included in Capitalization |
| Terms: | 1 to 3 Years with Extension Options |
| Fees: | 1% to 2% |
| DSCR: | Covered by Interest Reserve if Necessary |
| Pre-Payment: | Minimum Interest Required |
| Guaranty: | Recourse and Non-Recourse Depending on Risk Profile |
| Escrows: | Included in Capitalization |
| Earn-Outs: | Available |
| Markets: | National Primary and Secondary |
| Segments: | Class A and B Properties |
Mezzanine Debt & Preferred Equity
Mezzanine Debt & Preferred Equity | Multifamily:
| Loan Amounts: | $3 to $50 Million |
| Max LTV/LTC: | Up to 85% |
| Purpose: |
Acquisition, Refinance, Repositioning |
| Coupon Rates: | Call for Current Pricing |
| Amortization: |
Typically Interest Only |
| Interest Reserve: | Partial Accrual in Some Cases |
| Terms: | Typically Coterminous With First Mortgage |
| Fees: | 2 to 3% |
| DSCR: | 1.10 |
| Prepayment: | Minimum Interest Required |
| Guaranty: | Recourse and Non-Recourse Depending on Risk Profile |
| Markets: | National Primary and Secondary |
| Segments: | Class A and B Properties |
Construction Financing
Construction Financing | Multifamily:
| Loan Amounts: | $5 to $100 Million |
| Max LTV/LTC: | 60 to 70% (Up to 83% with HUD Program) |
| Purpose: |
Ground Up or Substantial Renovation |
| Coupon Rates: | Call for Current Pricing |
| Interest Reserve: | Included in Capitalization |
| Terms: | 1 to 3 Years with Extension Options |
| Fees: | 1% to 3% |
| DSCR: | Covered by Interest Reserve |
| Prepayment: | Minimum Interest Required |
| Guaranty: | Full Recourse: Extremely Strong Borrower Financial Statements and Resume Required Non-recourse: Available through HUD program |
| Escrows: | Included in Capitalization |
| Markets: | National Primary and Secondary |
| Segments: | Class A and B Properties |
| Other: | Extensive Pre-Leasing Required |
Discounted Pay-Off (DPO) & Note Purchasing Financing
DPO & Note Purchase Financing | Multifamily:
| Loan Amounts: |
$5 to $100 Million |
| Max LTV/LTC: | 60 to 70% of Pay-Off Amount |
| Purpose: |
Opportunistic Loan Pay-Off |
| Coupon Rates: | Call for Current Pricing |
| Interest Reserve: | Included in Capitalization |
| Terms: | 1 to 3 Years with Extension Options |
| Fees: | 1 to 3% |
| DSCR: | Covered by Interest Reserve |
| Prepayment: | Minimum Interest Required |
| Guaranty: | Recourse and Non-Recourse Depending on Risk Profile |
| Escrows: | Included in Capitalization |
| Markets: | National Primary & Secondary |
| Segments: | Class A and B Properties |
| Other: | Fresh Capital Contribution from Sponsor Typically Required |
Tax Credits
Through Aries Capital and our affiliate, Urban Development Fund (UDF) we offer tremendous expertise in the structuring and syndication of Historic, New Markets Tax Credits and other forms of government subsidies and incentives.
UDF has been qualified as a Community Development Entity (CDE), and has been awarded over $337.5 million in New Markets Tax Credit allocations from the US Treasury. Aries and UDF have syndicated over $500 million in New Markets Tax Credits and Historic Tax Credits. Our extensive network of investors allows UDF to syndicate credits at extremely attractive pricing with the most efficient structures.
Please contact us to learn more or to determine if your property is eligible for tax credits.
