Credit Facility Case Studies THE VALUE OF CERTAINTY BERKADIA

Transcription

1 Credit Facility Case Studies

2 FANNIE MAE CREDIT FACI LIT Y BOOK OF BUS INESS (12/16) Facility Name Sponsor Balance # of Properties # of Units Colonial Mid-American Apartment $58,586, Brookdale Blackjack Brookdale Senior Living $78,750, Fairfield Fairfield Residential $14,000, Zeman Zeman Homes $170,800, PMC Ronald Caplan $94,562, Emeritus Brookdale Senior Living $191,789, Brookdale (2015) Brookdale Senior Living $162,217, Brookdale (2010) Brookdale Senior Living $226,381, Cottonwood Cottonwood Residential Inc $89,900, Total $1,086,987, ,938

3 PMC CREDIT FACILITY PORTFOLIO FINANCING Refinance of 11 property portfolio (10 properties in Philadelphia, 1 property in Baltimore) $97 million refinance, payoff of $67 million existing mortgage 12 year fixed rate term, 30 year amortization 3.44% interest rate (closed in 2015) Permits borrower future flexibility to substitute assets, and lever up this mortgage to 75% LTV at first mortgage pricing (no premium for a supplemental financing)

4 ZEMAN HOMES Privately-owned, regional sponsor Manufactured Housing Communities Portfolio Management Tool - started as refinance of 16 asset portfolio, added 1 acquisition during process $171 million, 17 MHC assets, IL, MI, FL Tier 2-75% LTV Multiple debt tranches Sponsor focus: Flexibility on flood zone NOI Borrower Ups - access to equity

5 COTTONWOOD PORTFOLIO Conventional Multifamily newer construction A Assets Private, non-traded REIT Acquisition tool for multiple funds Set up facility for first Fund Use as framework for multiple funds/multiple facilities, each $100-$150 million in debt $90 million; 3 assets; FL, GA, NC Started with 1 $28MM acquisition, added two more during process Tier 3-65% LTV Multiple debt tranches Sponsor Focus Borrower Ups access to equity Interest Only As good or better test/no rebalancing Cross enabled Max LTV on assets that would not have qualified individually

6 EZRALOW PORTFOLIO Privately-held Regional Two Facilities: Conventional Multifamily and Multifamily Affordable Housing To be utilized for portfolio management of existing assets through refinance (including ability for rehab and additional units) as well as adding acquisition deals that may not otherwise qualify for financing at time of acquisition $275 million; 12 assets; Sacramento, Los Angeles, Davis, Petaluma Started with 11 assets, added a 12th during process Green Rewards, Near-Stab Tier 4-55% LTV Multiple debt tranches Sponsor Focus - LOTS of flexibility because of Tier 4 Interest rate Borrower Ups to access equity from rehab, value add, market improvement Alterations significant rehab and construction of new units on site Individual loan tests versus pool tests flexibility for acquisitions As good or better test / no rebalancing Interest rate cap

7 LUBERT-ADLER/LARAMAR PORTFOLIO $450MM Fund to acquire small MF assets in targeted urban neighborhoods Conventional MF older vintage (constructed early 1900s), smaller loans ~ sub 50 units Acquisition tool to use as they grow the assets in their fund Most assets will require value-add Use as framework for multiple facilities across the fund First facility: $47 million; 12 deals; Chicago, Denver, Tampa Tier 2 (future facilities will likely be Tier 3) Tranches ~ 10-yr SARM and 10-yr fixed Sponsor Focus Permanent debt option as they acquired assets Borrower Ups access to equity Interest Only Max Proceeds for first fund