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2
Better Together
KeyBank Team & Strategy
Introduction
KeyBank Real Estate Capital is a leading real estate credit provider with a long history of serving real estate companies. KeyBank’s full suite of products and vast capital markets experience allows for a comprehensive financing solution tailored to fit the client’s short term and long term needs. KeyBank provides the following:
Aggressive and flexible underwriting with a focused team execution
Full complement of short and long term financing options, including:
Fannie Mae DUS
Freddie Mac Program Plus
CMBS
Life Company Financing
FHA
Capital markets capabilities to provide solutions across the capital stack
Mezzanine Financing
Preferred equity
Private and public equity placement
Ability to use the broad capabilities of our balance sheet as leverage to promote our mortgage platform and generate superior returns from each client relationship
3
Better TogetherNational Real Estate Presence
KeyBank Real Estate Capital has offices in 23 cities throughout the country
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Boston
Washington, D.C.
Atlanta
ChicagoCleveland
Dallas
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Phoenix
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«Denver
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Salt Lake City
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Indianapolis
Ann Arbor
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Tampa
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«« New York City
HEADQUARTERS
««Los Angeles
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Seattle
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«Portland
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Columbus
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Syracuse
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Overland Park
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Bellevue
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Albany
Philadelphia««
Irvine
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Pittsburgh
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RochesterBuffalo
New Haven
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Better TogetherDebt Capital Markets Capabilities
Full-service mortgage banking platform with direct access to Life Company Financing, Pension Fund Accounts, Bank Financing, CMBS, Debt Funds, Mortgage REITs, Fannie Mae, Freddie Mac and FHA.
KBREC’s dedicated origination team provides access to the debt capital markets exclusively for targeted KeyBank clients.
KBREC can utilize its balance sheet to provide creative solutions differentiating it from any other mortgage banking platform.
Ability to access capital from $3,000,000 mortgages to over $150,000,000 transactions evidencing KeyBank’s focus on serving the client’s needs.
KBREC maintains the 2nd largest servicing portfolio in the industry, servicing over $185 billion in total loans.
KeyBank Real Estate Capital (KBREC) Product Suite Third Party
PlacementLife Companies, Pension Fund
Accounts, Bank Financing, and Debt
Funds
Structured Finance
CTL Financing, Mezzanine Financing & Equity Placement
FHA / HUD
Federal Housing Administration
Freddie Mac(“FHLMC”)
Federal Home Loan Mortgage Corporation
Fannie Mae(“FNMA”)
Federal National Mortgage Association
CMBS
Commercial Mortgage Backed Securities
5
Better TogetherAccess to Debt and Equity Products
Third Party Mortgage Brokerage
CMBS Balance Sheet CTL Fannie Mae Freddie Mac FHA
6
Better TogetherCMBS – Fixed Rate Conduit Program
Loan Size: $2.0 million to $75 million
Property Types: Office, Retail, Industrial, Multifamily, Self-Storage, Manufactured Housing, Hospitality
Locations: Nationwide
Borrower:<$20 million: Newly Formed SPE; > $20 million: Newly Formed SPE with non-consolidation and independent director(s)
Recourse: Non-recourse with standard bad boy carve-outs to borrower(s) and indemnitor(s)
Term: 5, 7 and 10-years
Amortization: Maximum 30-years
Interest Rate Index: Swap Rate
Maximum LTV: 75%
Minimum DSCR: Commercial: 1.30x; Multifamily: 1.25x
Minimum Debt Yield: Commercial: 8.5%; Multifamily: 8.0%
Prepayment:Defeasance or Yield Maintenance (Lockout: 2 years from securitization; Open: 3-months prior to maturity)
Loan Fees: Par
Reserves & Structural Enhancements:
Reserves: RE Taxes, Insurance, Capital Expenditures, Tenant Rollover and Ground Rent Structure; Lockbox/Cash Management with default and DSCR cash sweep triggers
Closing Timeline: 45 - 60 days
7
Better TogetherCMBS – Fixed Rate Capped Cost Program
Loan Size: $2.0 million to $7.5 million
Property Types: Office, Retail, Industrial, Multifamily, Self-Storage, Manufactured Housing
Borrower: Newly Formed Single Purpose
Recourse: Non-recourse with standard bad boy carve-outs to borrower(s) and indemnitor(s)
Term: 5, 7 and 10-years
Amortization: Maximum 30-years
Interest Rate Index: Swap Rate
Maximum LTV: 75%
Minimum DSCR: 1.30x
Minimum Debt Yield: 8.50%
Prepayment: Defeasance (Lockout: 2 years from securitization; Open: 3-months prior to maturity)
Deposit/Processing Fee: $27,500 fixed lender fees (third party reports, legal, etc.) and $5,000 processing fee
Closing Timeline: Within 60 days
8
Better TogetherRecent Deals – CMBS
10-Year Fixed Rate Financing
$5,750,000Multifamily
Richmond, VACMBS
Perry Place Apartments
10-Year Fixed Rate Financing
$23,500,000Self-StorageTustin, CA
CMBS
I-5 Storage
$9,862,500Industrial Warehouse
Lenexa, KSCMBS
Renner Commerce Center
10-Year Fixed Rate Financing
10-Year Fixed Rate Financing
10-Year Fixed Rate Financing
$9,975,000Suburban OfficeVictorville, CA
CMBS
Bear Valley Business Center
$16,575,000Extended Stay - Hospitality
Austin, TXCMBS
Residence Inn Austin
10-Year Fixed Rate Financing
$20,000,000Grocery-Anchored Retail
Yorktown, VACMBS
Village at Kiln Creek
10-Year Fixed Rate Financing
$13,514,000Anchored RetailStaten Island, NY
CMBS
Coral Island Shopping Center
10-Year Fixed Rate Financing
Intellicenter
$34,000,000Suburban Office
Tampa, FLCMBS
9
Better Together
Mortgage Banking - Life Company Financing, Debt Funds & Mortgage REITs
Investor Placement
KBREC’s relationships includes both correspondent and direct access to more than 30 Life Insurance Companies as well as Debt Funds and Mortgage REITs.
The centralized origination platform provides national account recognition and allows us to originate loans in all 50 states.
KBREC’s ability to leverage KeyBank’s balance sheet provides a competitive advantage in the market place, specifically: Ability to participate in loans with lenders Ability to close quickly by table funding on our own balance sheet
Loan Structures Fixed Rate Fixed and Floating Rate Credit Facilities
Loan Terms Loan Amounts from $1MM to $100MM+ 3 – 25 year term with 20 – 30 year amortization Typically Non-Recourse, with standard carve-outs 30/360 Interest Calculation (typically) Flexible prepayment structures available Rate Lock at Application Forward rate lock capabilities up to 12 months depending on the transaction
Credit Tenant Lease
A/B Note Structure & Mezzanine Financing Construction-to-Permanent Mortgages
10
Better TogetherRecent Deals – Investor Placement
20-Year Fixed Rate Financing
$20,000,000CBD OfficeBoise, ID
Life Company
Wells Fargo
10-Year Fixed Rate Financing
$32,958,000CBD OfficeAkron, OH
CTL Execution
First Energy
$6,400,000Mixed Use
Snohomish, WALife Company
Kla-ha-ya Village
15-Year Fixed Rate Financing
7-Year Fixed Rate Financing
5-Year Fixed Rate Financing
$18,900,000GSA Office Portfolio
VariousBank Execution
Boyd Watterson Portfolio
$12,600,000Retail – Grocery Anchored
Plano, TXLife Company
Independence Square
10-Year Fixed Rate Financing
$46,050,000GSA Office Portfolio
VariousBank Execution
Boyd Watterson Portfolio II
5-Year Fixed Rate Financing
$25,800,000Multifamily – Low RiseRedondo Beach, CA
Life Company
Novella Redondo
7-Year Fixed Rate Financing
Courvoisier Centre
$106,500,000CBD OfficeMiami, FL
Life Company
11
Better TogetherAgency Multifamily Financing
Fannie Mae* Freddie Mac* FHA/HUDOfficial Name Fannie Mae (Federal National Mortgage Association or
FNMA)Freddie Mac (Federal Home Loan Mortgage
Corporation or FHLMC) Federal Housing Administration
Type of Entity Government-sponsored enterprise (GSE) that is directed by FHFA
Government-sponsored enterprise (GSE) that is directed by FHFA
Government entity that is a division of HUD (U.S. Dept. of Housing & Urban Development)
Lenders Delegated Underwriting & Servicing (DUS) Lenders Program Plus Seller/Servicers Multifamily Accelerated Processing (MAP) – Multifamily;Lean – Healthcare
Locations National license Regional licenses All U.S.
Loan Purpose Acquisition, Refinance, Mod Rehab Acquisition, Refinance, Mod Rehab Acquisition, Refinance, Substantial Rehab & New Construction
Execution Type Early Rate Lock, Immediate Funding Early Rate Lock, Immediate Funding Immediate Funding
Target Deal Size $5 million & up $5 million & up $3 million & up
Loan Terms 5, 7, 10, 15, 20, 25, 30 years 5, 7, 10, 15, 20, 25, 30 years Up to 35 years – existing;40 years – new construction*
Amortization 30 years or interest only 30 years or interest only Coterminus
LTV Maximum 80.00% (90% LTC) 80.00% (90% LTC) 80.00% to 90.00% - Existing (75.00% - 90.00% LTC) Construction
Property Types Multifamily, Student, Manufactured, Affordable and Senior Housing
Multifamily, Student, Manufactured, Affordable and Senior Housing
Multifamily, Affordable Housing, Senior Housing, Healthcare, Hospitals
DSC Minimum 1.25 fixed rate, 1.10 variable rate 1.25 fixed rate, 1.10 variable rate (lower for Affordable Housing) 1.11 – 1.18 Multifamily; 1.45 Healthcare
Collateral Property Cash required for early lock and standard
rate lock LOC accepted for gap collateral
Property Cash required for early lock and standard rate lock LOC accepted for gap collateral
Property
Guaranty Requirement Non-recourse except for standard carve-out Environmental Indemnity
Non-recourse except for standard carve-out Environmental Indemnity
Non-recourse
Application Fee $25,000 $25,000 + 0.10% – 0.15% (of loan amount) review fee 0.30% of loan amount – HUD; + $5,000 – KeyBank
Origination Fee 0.25% – 1.00% (depending on loan size) 0.25 – 1.00% (depending on loan size) 0.50% – 2.00% (Negotiable)
Interest Rate Fixed: Spread + applicable Treasury Floating: Spread + Libor
Fixed: Spread + applicable Treasury Floating: Spread + Freddie Mac Reference Bills
Fixed rate
Early Rate Lock Deposit 2.00% 2.00% 0.50%
Reserves Generally taxes, property insurance and replacement reserves
Generally taxes, property insurance and replacement reserves
Taxes, property insurance, Mortgage Insurance Premium (MIP) and replacement reserves
The above LTV Maximum and DSC Minimums are based on conventional multifamily and manufactured housing loans. Student Housing and Seniors Housing loans have lower LTV maximums and higher DSC minimums. Affordable Housing has higher LTV maximums and lower DSC minimums.* 40 years plus construction term..
12
Better TogetherFannie/Freddie Affordable Programs
Borrower: General Partnerships, Limited Partnerships, Corporations, & Limited Liability Companies.
Recourse: Non-recourse with standard bad boy carve-outs to borrower(s) and guarantor(s)
Term: 5, 7, 10, 12, 15, 18, 20, 25, & 30-years
Amortization:Typically 30 years. Maximum 35-years for new construction or substanation rehab properties.
Interest Rate Index: 10-year treasury
Maximum LTV: 90% for new LIHTC, 85% for Bridge to Resyndication, 80% for all others.
Minimum DSCR: 1.15x for new LIHTC, 1.0x for Bridge to Resyndication, 1.20x to 1.25x for all others.
Minimum Debt Yield: NA
Prepayment:Defeasance or Yield Maintenance (Lockout: 2 years from securitization), last 6-months Open at 1% with last 3-months Open at par.
Loan Fees: Typically 1%. Negotiated for large transactions over $20MM.
Reserves: Reserves: Real Estate Taxes, Insurance, Replacement Reserves, Ground Rent if applicable.
Closing Timeline: 60-days, up to 120-days for Tax Exempt Loan executions.
13
Better TogetherFHA Affordable Programs
Borrower: General partnerships, limited partnerships, corporations, & limited liability companies
Recourse: Non-recourse
Term: Up to 35 years existing property; 40 years plus construction for new construction and rehab
Amortization: Coterminous
Interest Rate Index: NA
Maximum LTV: 90% for projects with 90% or greater rental assistance; 87% for other affordable projects
Minimum DSCR: 1.11 for projects with 90% or greater rental assistance; 1.15 for other affordable projects
Minimum Debt Yield: NA
Prepayment: Negotiable; typical is no lockout and a 10-1 prepayment penalty structure
Loan Fees: 0.50% - 2.00% (negotiable)
Reserves: Real estate taxes, property insurance, Mortgage Insurance Premium (MIP) and replacement reserves
Closing Timeline: 45 days after receipt of Firm Commitment from HUD
14
Better TogetherRecent Deals - Multifamily
Freddie Mac
$215,000,000Affordable/Commercial
Boston, MA
Harbor Point on the Bay
$26,000,000Multifamily
Syracuse, NY
The Meadows
Freddie Mac
$20,071,000Garden-style Multifamily
Lexington, MA
Residences at Captain Parker
Freddie Mac
$1,313,000Manufactured Housing
Milwaukee, WI
Valley Mobile Home Park
CMBS
Fannie Mae
$13,219,000Affordable Housing
Plainfield, IN
Gladden Farms
FHA
$19,143,300Multifamily
Wilmington, NC
The Park at Three Oaks
Fannie Mae
$84,255,000Student Housing
Various Locations
Pierce Portfolio
$38,954,200Multifamily
San Mateo, CA
Leslie Towers
FHA