Tenders are invited for Low-Income Housing Tax Credit Investor and/or Construction and/or Permanent Lender
The project is Enterprise's first with Bellwether Enterprise as the approved permanent lender
agent for NYCERS.
To achieve the goal of recouping the original cash invested, the developer must meet two permanent lender
benchmarks, loan-to-value (LTV) and debt service coverage ratio (DSCR).
The construction lender was Atlanta's Compass Bank and the permanent lender
Tenders are invited for For Low Income Housing Tax Credit Investor Limited Partner Construction And Permanent Lender
For The St Francis Park Apartments
These include forward loan commitments (which commit the permanent lender
to a future loan, subject to certain conditions); buy-sell agreements (in which the construction lender agrees to sell the permanent lender
all rights and title to its loan); and extension options (which are incorporated into the original loan documentation and may include long-term extensions, or "conversions").
A development and construction lender has some problems that a permanent lender
does not have.
The ultimate permanent lender
had already given its commitment.
Lenders have basically closed their doors and are taking a "wait and see" attitude regarding real estate, owners like Pivko must be prepared to fill that role permanent lender