Cascades Overlook Refinance

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TIAA Bank

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Date09/03/2021
Greenwich Coverage
E-teaser Status
CA Status
IOM Status
Term Sheet Status
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  • Term Sheets Received
  • Executed Confidentiality Agreement Received
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Investment Criteria
Status for Deal Tracking Report (Most Recent Comment - Custom Comment )
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DEAL TRACKING COMMENTS
DateComment
09/09/2021OM Sent -- pwitham
09/21/2021Loan Amount: $36,000,000 (57% LTV) Term: 5/30 yr Interest Rate: 2.97% - 5 yr S + 163 Prepayment: Step down – 54321% Borrower: Single asset entity Recourse: Non-recourse. Minimum 10% liquidity required. Rate Lock: 1% deposit for 60 day rate lock Escrows: Taxes and Insurance Closing Costs: $25,000 covers third party reports and lender legal DSCR Covenant: Subject to a minimum DSCR of 1.20x during the loan term. The coverage ratio will be tested annually based on the trailing 12 month property financial statements. -- pwitham