D4 Development Services

•  FHA 223(f) - Permanent loan for acquisition or refinance of existing apartments in all markets. 

          Market Rate - 83.3% LTV; 1.20 DSC; 35 yr. term   

          Affordable - 85% LTV; 1.176 DSC; 35 yr. term

• FHA 223(a)(7) - Permanent loan for refinance of an existing FHA loan to provide for interest rate reduction and/or repairs and renovations.

          100% of Refinance Cost up to original mortgage amount

• FHA 221(d)(4) - Construction/Permanent loan for new construction or major rehabilitation of family or senior apartments.

          Market Rate - 83.3% of Cost; 1.20 DSC; 40 yr. term

          Affordable - 90% of Cost; 1.11 DSC; 40 yr. term

• FHA 221(d)(3) - Construction/Permanent loan for new construction or major rehabilitation of family or senior apartments, for nonprofit mortgagors.

          Affordable - 95% of Cost; 1.11 DSC; 40 yr. term

• FHA 232/223(f) - Permanent loan for acquisition or refinance of existing nursing, assisted living, intermediate care or board and care facilities not requiring major rehabilitation.     

          Market Rate - 80% LTV; 1.45 DSC; 35 yr. term     

• FHA 232/221(d)(4) - Construction/Permanent loan for new construction or major rehabilitation of nursing, assisted living, intermediate care or board and care facilities  

          Market Rate - 90% of Cost; 1.45 DSC; 40 yr. term

• FHA 220 - Construction/Permanent loan for housing in designated urban renewal areas.

          Affordable - 90% of Cost; 1.11 DSC; 40 yr. term

• Small Loans - Permanent loan of $1 million to $3 million for acquisition or refinance of existing apartments in major MSAs. 

          Fixed Rate - 80% LTV; 1.25 DSC; 10 yr. term/30 yr. amort.

• Regular DUS - Permanent loan of $3 million & up for acquisition or refinance of existing or recently completed apartments.

          Fixed  Rate - 80% LTV; 1.25 DSC; 10 yr. term/30 yr. amort.

          ARM - 80% LTV; 1.00 DSC; 10 yr. term/30 yr. amort.

• Student Housing - Permanent loan of $1 million & up for acquisition or refinance of multifamily housing designed and operated for college students.

          Fixed Rate - 75% LTV; 1.30 DSC; 10 yr. term/25 yr. amort.

• Manufactured Housing - Permanent loan of $1 million & up for acquisition or refinance of manufactured home communities.

          Fixed Rate - 80% LTV; 1.25 DSC; 10 yr. term/25 yr. amort.

• Property Types - Moderately price residential and workforce housing and mixed use residential.                        
• Investment Size - $2 million to $20 million with project cost typically from $20 million to $100 million.
• Investment Structure - subordinate debt, structured equity and equity capital.
• Investment Strategies - Acquisition, development, repositioning and/or re-capitalization of asset.
• Hold Period - 2 to 5 years
• Targeted Leverage - Mezzanine up to 95% LTV; Equity up to 99%LTV
• Targeted 1st Mortgage Debt - 70% to 85%
• Leveraged IRR Target - 20%+