| Fannie Mae DUS Apartment Loans Nationally Refinance and Purchase Loans Kendall Realty Advisors LLC Chicago, IL |
KENDALL REALTY ADVISORS LLC
Apartment Properties Fixed-Rate Mortgages
Commercial Mortgage Purchase or Refinance Apartments
ELIGIBLE PROPERTIES: Apartments which are existing, recently completed (both newly constructed or
substantially rehabilitated). Properties must have a minimum occupancy of 90% at the time of
commitment and the preceding three-month period.
LOAN TYPE: Balloon mortgages with a 5, 7, 10, 15 or 18-year term.
Also 20, 25 and 30-year fully amortizing structures.
PREFERRED LOAN SIZE:
$3 million and larger.
MAXIMUM LOAN: Amount equal to the lesser of:
1. 80% of appraised value; or
2. 1.25 debt service coverage.
INTEREST RATES: Determined by market rates at the time of rate lock. Rates vary by loan-to-value ratio,
debt service coverage and property quality.
AMORTIZATION: Up to 30 years.
PERSONAL RECOURSE: None, except for standard exceptions to non-recourse which are the
responsibility of the Key Principal(s).
ASSUMABILITY: Assumable, subject to approval and a 1% transfer fee.
PREPAYMENT: Yield maintenance or defeasance options.
SUBORDINATE FINANCING: Fannie Mae Supplemental Loans (second mortgages) available 12 months
after initial loan closing.
Supplemental loans can be provided on a fixed or adjustable-rate basis.
ESCROWS: 125% to 150% of estimated cost of required repairs, if any, as determined by physical
inspection.
Monthly escrows for real estate taxes, property insurance and replacement reserves.
APPLICATION FEE: Based on estimated underwriting costs for appraisal, architectural / engineering
report, environmental assessment and other loan processing costs.
FINANCING FEE: Negotiable.
CLOSING EXPENSES: Standard transaction costs, including legal fees, title insurance and survey.
PRELIMINARY SUBMISSION PACKAGE:
Include the following in your request for a loan quote:
1. Property description and location map.
2. Representative color photographs.
3. Current rent roll and year-to-date operating statement.
4. Operating history - prior 3 years, if available.
5. Current year operating budget.
6. Existing debt and cost basis.
7. Sponsor resume.
Scott Kendall 847-903-7578 kendallrealty@gmail.com
Charles Kendall 773-259-7074 kendallrealtyadv@gmail.com
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