Fannie Mae Seniors Housing Loans from CREFCOA

• Independent Living provides limited programs of assistance for the elderly beyond meals and transportation. These units typically resemble conventional apartment units.
• Assisted Living provides non-medical care and assistance with Activities of Daily Living (ADLs), which can be medication management, bathing, dressing, toileting or ambulating. ADL communities are licensed and regulated by a state or local government.
• Memory Care provides services to residents with Alzheimer’s disease or dementia. They may have additional licensing requirements, differing by state.
• Skilled Nursing facilities provide a higher level of nursing or ambulatory care. They are often for short term rehab. Fannie Mae does not purchase Mortgage Loans secured by a Property comprised of 100% Skilled Nursing. For the mortgage Loan to be eligible for purchase by Fannie Mae, the Skilled nursing units cannot contribute more than 20% of the Property’s overall net cash flow (NCF).

Sponsors and Operators with a minimum of five years experience in the seniors housing industry and a minimum of two stabilized properties. Operators with less experience considered on an exception basis.

All 50 states, Puerto Rico, U.S. Virgin Islands, Guam.

$2,000,000 with no maximum.

Up to 30-years.

30-years.

Independent Living: 1.30.
Assisted Living: 1.40.
Alzheimer's: 1.45.
Independent Living and Alzheimer's Mixed: Weighted average of 1.30. and 1.45.

75%.

Actual/360 or 30/360.

The greater of 1% or yield maintenance.

Non-recourse for most loans subject to standard carve-outs.

Yes, subject to lender approval.

Tax and insurance required.

Required.

Standard third-party reports including Appraisal, Phase I Environmental Assessment and a Physical Needs Assessment are required. In addition, a Consultant’s Report on Management and Operations is required for all types of seniors housing properties, and a Regulatory Compliance Report is required for licensed seniors housing properties.