Conduit Retail Loans

• 30-year amortization
• Up to 10-yr fixed rates
• Up to 75% leverage
• No restrictions on cash out refinances
• Non-recourse

Anchor retail: anchored by a major national retailer, department store, home improvement, grocery, drug, community centers, or discount retailer.

Shadow anchor: at least one anchor tenant that is not part of the collateral but close in proximity that provides a steady draw to the property. Tenant mix should be complementary.

Unanchored retail: strong desirable locations preferred with strong complimentary tenant mix where space is readily convertible to new tenants.

Investment grade and non-investment grade single tenant properties.

Bankruptcy-Remote SPE (special purpose entity). Entities may be corporations, limited liability companies or limited partnerships

Tenant mix should be diverse yet complimentary. Major tenant lease should exceed the loan term. Properties with restaurants, fitness centers, dry cleaners and other similar business types may have underwriting restrictions.

$3 million minimum

Interest rates for CMBS retail property loans are based on an index (5 or 10-year Swap) plus a spread. Where the interest rate falls in the spread range depends on:

• Loan size
• Property (e.g. quality, location, tenant strength, lease terms)
• LTV, DSCR and debt yield

View indicative interest rates for CMBS loans and conduit loan interest rates

Retail, shopping center, strip center and out parcel buildings located in mid to large market sectors and small market sectors with strong sponsorship.

Up to 75%

1.30-1.50 minimum

5 and 10-year fixed rate terms

25-30-year amortizations

8%-10%

Defeasance or yield maintenance

Non-recourse subject to standard carveouts

Taxes, insurance, tenant improvements, replacement reserves, 125% of cost for needed repairs.

Include the following in your request for a conduit CMBS self storage facility loan quote:

• Property description
• Representative color photographs or property website
• Current rent roll
• YTD and two prior years income and expense statements
• 12 month trailing income and expense statement
• 12 month operating budget
• Capital improvements summary
• Sponsor resume outlining experience owning and operating commercial real estate
• Management company bio