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Research

How Big is Small Cap Multifamily?

A closer look at the multifamily housing inventory in the United States and the size of the small cap investment opportunity.

Around the Web

Multifamily Forecast: Investors Moving to Secondary Markets

The apartment sector has remained the darling of the commercial real estate for the past six years. This doesn’t appear to be changing anytime soon, as 2016 is expected to set a new record for multifamily mortgage origination volume. While multifamily’s position as top dog remains uncontested, savvy investors are altering their strategy for sourcing Read the full article…

GENERAL: 800.ARBOR.10

FANNIE MAE DUS®

Student Housing

Arbor’s DUS Student Housing product provides attractive terms and competitive prices for the purchase or refinance of properties that, because of construction and location, specifically cater to a student tenant base that may or may not be readily convertible to conventional multifamily housing.

Loan Amount $750,000 minimum.
Term 5 – 30 Years
Amortization Up to 30 years.
Minimum DSCR 1.30
Maximum LTV Up to 75%
Rate Structure Fixed and adjustable rate options available.
Eligible Properties Dedicated Student Housing – Specifically cater to a student tenant base. Not readily convertible to conventional multifamily housing. Must be greater than 80% student occupied. Requires 12-month leases and parental guarantees. Food services not permitted. 20% of tenants are allowed to have lease terms of less than 12 months. Student Housing – Must be between 40% – 80% student tenancy.
Occupancy Requirement Minimum 90%.
Tax & Insurance Escrows Monthly deposits required. May be waived if certain criteria are met.
Replacement Reserves Underwritten at a minimum $250 per unit per annum. Must be funded.
Recourse Non-recourse with standard exceptions for fraud and misrepresentation.
Commercial Space Eligible
Student Population Requirement Minimum 10,000 students for dedicated student housing.
Required Reports Appraisal, Property Condition Assessment, Phase I Environmental.
Prepayment Yield Maintenance.
Assumable Subject to approval and 1% fee.
Subordinate Financing Not allowed.
Supplemental Loans Eligible for secondary financing after 12 months.
Pricing Tiered Pricing Matrix. More favorable terms available for higher DSC and lower LTV.
Rate Lock 30- to 180- day commitments. Early/extended rate lock options available.
Application Deposit $20,500. Covers estimated processing and legal fees.
Origination Fee Minimum 1%. Par pricing available.
Good Faith Deposit 2% of loan amount, refundable at closing.

V082018

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