Combined Construction and Permanent Loan Program for Market Rate Apartment Properties Program Description: Fixed rate permanent loan commitments involving the new construction of market rate apartment properties. PWF can provide "one stop" debt financing for both construction and permanent loans through a coordinated process with a Fannie Mae approved construction lender. Available for properties throughout the United States. Features: Loan Amount: $1,000,000 minimum; $15,000,000 maximum. Loan Term: 7, 10, 15, 18, 25 and 30 year loan terms. Amortization: 30 years. Eligible Properties: Property rents will be assumed to target 51% of the units to be affordable to persons earning no more than 100% of the area median income. There are no rent, income or deed restrictions. Forward Commitment Period: Up to 24 months with one six month extension. Rate Lock: The permanent loan rate is fixed prior to the start of construction or rehabilitation. Prepayment: Prepayable in full at any time; subject to a yield maintenance formula. Recourse: Non-recourse, except for standard lender carveouts. Borrower: All properties must be owned by a single asset or single purpose entity. Debt Service Coverage: Minimum 125%. Loan to Value: Up to 80% of as-completed appraised value. Subordinate Financing: Additional "earn out" financing is available after sixteen months following permanent loan closing based on actual property performance. Occupancy: Properties must be 90% physically occupied for 90 consecutive days (at pro-forma rents or higher) prior to permanent loan funding. Assumability: Yes, subject to NYCL approval and the payment of a processing fee and a 1% assumption fee. Reserves: Tax and insurance escrows are required. Replacement reserves and repairs required as determined by the engineer's report. Application Fee: $15,000. Covers the cost of all third party reports, travel expenses and other out-of-pocket expenses. Financing and Forward Commitment Fees: 1.5% to 2% of the loan amount. Timing: Commitments issued in 60 days or less. Pricing: Contact your NYCL representative for a price quote.