Non-conduit eligible loans.
These are guidelines only; terms and structure are customized on a deal-by-deal basis.

Permanent - Long Term Fixed Rate Program

Loan Size $15,000,000 to $300,000,000
Collateral First mortgage on Fee or Leasehold Interest. Properties must be constructed and cash flowing
Term Generally 3-10 years
Amortization Generally 30 year maximum with some interest only available in specific cases
Interest Rate Fixed Rate or Floating
Minimum Debt Service Coverage 1.0:1
Minimum Debt Yield (UNCF) 10% to 12% on Stabilized UNCF depending on the market
Recourse None, except for standard carve-outs
Prepayment Yield Maintenance or Defeasance
Assumability Loan is assumable with a fee (generally 1%)
Subordinate Financing Up to 85% loan-to-value
Escrows Generally monthly escrows required for real estate taxes and insurance
Tenant Improvement and Leasing Commission Reserves Determined on a property-by-property basis
Capital Expenditure Reserves Generally the greater of the engineering report recommendation and (i) $0.20 per square foot for office; $0.10 per square foot for industrial; $0.15 per square foot for retail; $250 per unit for multifamily; > $300 per unit or $150 per bed for student housing ; $50-$75 per unit for MHC

Bridge Loan Program

Loan Size $20,000,000 to $300,000,000
Collateral First mortgage on Fee or Leasehold Interest. Properties must be constructed and cash flowing.
Origination Fees Generally, a fee of 1%
Exit Fee Generally 1%
Interest Rate Fixed Rate or Floating
Term Generally 3 to 5 years (longer terms available)
Amortization Generally interest only with 25 - 30 year amortization in certain circumstances
Minimum Debt Service Coverage 1.10x (may be lower with adequate interest reserves)
Min Debt Yield (UNCF) 10% to 12.5% on Stabilized UNCF (lower debt yields considered for prime markets or trophy assets); 6%-8% on As Is UNCF (determined deal by deal depending on merits of the property, market, and lease up risk)
Loan to Value 80% max LTV (up to 85% with mezzanine originated by Starwood)
Recourse Determined on a deal by deal basis
Prepayment Call protection for term (not including extension period), which is negotiated on a deal by deal basis to generally the greater of spread maintenance & 1.0%
Assumability Loans are generally not assumable
Escrows Generally monthly escrows required for real estate taxes and insurance (can be waived on a case by case basis)
Tenant Improvement and Leasing Commission Reserves Determined on a property-by-property basis to accomplish stabilization plan or sustain occupancy
Capital Expenditure Reserves Generally the greater of $0.20 per square foot for office/$0.10 psf for industrial or engineer's recommendation
Interest Rate Caps Generally required for the initial term of the loan

Mezzanine Loans

Loan Size $5 to $150 million
Collateral Up to 100% of the equity ownership interests in the related property Borrower (s). (mezzanine debt is made to an entity that is the parent of a Borrower (s) of 1st mortgage debt secured by property(s); such parent pledges its entire ownership interest in the Borrower (s) to secure its debt
Fixed or Floating Determined on a case-by-case basis
Term Generally 3 to 10 years (co-terminus with first mortgage)
Amortization Structure determined on a deal-by-deal basis
Minimum Debt Service Coverage Generally 1.10x-1.15x (considered lower with adequate reserves for value add properties)
Loan to Value 85% max LTV
Recourse Determined on a case-by-case basis
Prepayment Co-Terminus with first mortgage; call protection for term
Origination Fees 1% to 2%
Exit Fees 1% to 2%
Extension Fees (Bridge Loans) 1/2% to 1% per extension
Cash Management Hard Lockbox
Assumability Assumable deal by deal (permanent loans); Not assumable on Bridge Loans
Escrows/Reserves Will be consistent with First Mortgage