Agency
Financing the acquisition, refinancing or substantial rehabilitation of conventional and affordable multifamily, senior housing and healthcare facilities
Overview
Conventional
Long-term, permanent loans with both fixed- and variable-rate options.
Affordable
Financing for income-and/or rent-restricted multifamily properties.
Learn more
Senior Housing & Healthcare
A variety of permanent and bridge financing options.
Manufactured Housing
Financing for the purchase or refinance of manufactured housing.
Fannie Mae
- Early rate lock
- Fixed and floating rate
- Loans of $3 million and greater
- 5 to 30 year loan term
- Up to 80% LTV
- Minimum 1.25x DSCR
- Yield maintenance & defeasance prepayment options
- Non-recourse except for standard commercial carve outs
- Structured prepayment options
- Supplemental loan program
- Forward commitments
- Single asset substitution option
- Conventional Multifamily
- Manufactured Housing
- Senior Housing
- Structured Multi-Asset Credit Facilities
- Student Housing
Freddie Mac
- Early rate lock / Early index lock
- Fixed and Floating Rate
- Loans of $3 million and greater
- 5 to 30 year loan term
- Up to 80% LTV
- Minimum 1.25x DSCR
- Yield maintenance & defeasance prepayment options
- Non-recourse except for standard commercial carve outs
- Structured prepayment options
- Supplemental loan program
- Conventional Multifamily
- Manufactured Housing
- Senior Housing
- Structured Multi-Asset Credit Facilities
- Student Housing
FHA
- Terms of 40 and 35 years for rehabilitation and permanent loans, respectively
- Construction loans
- Permanent fixed rate
- Affordable loans
- Fully amortizing, fully assumable
- Non-recourse
- Integrated construction/permanent financing
- Credit enhancement for tax-exempt financing
- Early rate lock for qualifying permanent transactions
- 90% LTV for affordable loans and up to 85% LTV for non cash-out
- Customizable prepayment
- Multifamily Rental Housing
- Assisted Living
- Memory Care
- Skilled Nursing
- And other Senior and Healthcare Facilities
Enhanced Agency Gateway Program
- Floating rate
- Interest only
- $5-million to $25-million loan size
- 12 to 36 months
- Non-recourse except for standard commercial carve-outs
- Lockout period varies from loan to loan based on stabilization plan
- Exit-fee waived if refinancing through PGIM Real Estate's Agency Loan Group
- 75% on in-place LTC; 80% on stabilized LTV
- 1.00x DSCR at funding on in-place income, stabilized DSCR tested by Agency
- Multifamily assets with renovation/rehabilitation less than or equal to 15% of total going-in cost
- Repair / renovation escrows funded/held back at closing with structured disbursements
- Strong / primary markets exhibiting or poised to exhibit near-term growth
- Will consider newly constructed transactions that are in lease-up
Note: PGIM Real Estate has been ranked #9 by the FHA for fiscal year 2022 production. To read the full ranking, click here.
* As of January 2023, Freddie Mac Multifamily ranked PGIM Real Estate the #6 overall lender by volume, the #2 lender for Manufactured Housing Communities, and #1 lender for Workforce Housing Preservation in 2022. This ranking represents originations production volume from 1/1/22-12/31/22. No compensation or submission was involved in these rankings.
The brand “PGIM Real Estate” encompasses both (1) a fund advisory business headquartered in Newark, New Jersey, which operates as a business unit of PGIM Inc., an SEC-registered investment adviser organized as a New Jersey corporation (“PGIM”), under the name “PGIM Real Estate”, and (2) a commercial real estate debt origination and advisory platform which operates through a separate, affiliated legal entity known as PGIM Real Estate Finance, LLC (“PGIM REF”), a Delaware limited liability company. Several officers of PGIM REF are also associated with PGIM Inc., and, from time-to-time, may provide services to PGIM Real Estate in their capacities as officers of PGIM that are separate and distinct from the services they provide as officers of PGIM REF.