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
1Fannie Mae DUS and FHA licenses established in 2000.
2PGIM Real Estate is the 12th largest Fannie Mae DUS lender (out of 149 firms surveyed) in terms of production based on the 2022 Mortgage Bankers Association Annual U.S. Origination Rankings published in 3/23. This ranking represents originations production volume from 1/1/22 - 12/31/22. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
3On January 25, 2024 Fannie Mae Multifamily ranked PGIM Real Estate the #5 overall lender for manufactured housing communities by volume transactions for fiscal year 2023 (1/1/2023 - 12/31/2023). No compensation or submission was involved in these rankings.
4PGIM Real Estate has been ranked #9 by the FHA for fiscal year 2022 production. This ranking represents originations production volume from 10/1/21-9/30/22. No compensation or submission was involved in these rankings.
5EAGP Program inception date December 2012.