4-Greystone Freddie Loan - Rate Lock and Loan Term Confirmation (00648995x9C71C).PDF
PDF 209 KB Posted
- Solicitation number
- AS- 09082025
- Issued by
- Alameda County, California
About this file
This document is an Interest Rate Lock and Loan Terms Confirmation for a Freddie Mac loan involving Greystone Servicing Company LLC and Constitution and Eagle LP, specifically for the Rosefield Village affordable housing development in Alameda, California. The loan is a fixed-rate permanent phase loan with a 204-month term, maturing on September 1, 2040, and includes a forward commitment with a maturity date of September 1, 2023. The project involves a construction and permanent financing structure, with a proposed maximum funding loan amount of $13,858,000.
The loan features a permanent phase interest rate of 3.27% with a net spread of 2.71%, and includes various fees such as a 0.17% servicing fee, a $4,000 annual fiscal agent fee, and a governmental lender's fee not exceeding 0.05% per annum. The underwriting reflects a debt coverage ratio of 1.17 to 1.00, with underwritten expenses of $9,484 per unit, including $600 per unit for replacement reserves. The loan-to-value ratio is 79%, and the project is associated with a related arbitrage rebate calculation service procurement by the Housing Authority of the City of Alameda through its nonprofit affiliate, Island City Development.
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Text version
INTEREST RATE LOCK AND LOAN TERMS CONFIRMATION
Project Loan and Funding Loan Structure Terms apply to each of the Funding Loan and the Project Loan
Product Type Fixed Rate
Permanent Phase Loan Term 204 months (assuming a Conversion Date on the Forward Commitment Maturity Date; if the Conversion Date occurs on a date other than the Forward Commitment Maturity Date the Permanent Phase Loan Term will be the period from the Conversion Date to the Maturity Date)
Maturity Date September 1, 2040 Interest Only (I/O) Period (if applicable)
0 months
Amortization Period (after I/O Period, if applicable)
420 months
Amortization Commencement Date October 1, 2023, in the event the Conversion Date occurs on or prior to the initial Forward Commitment Maturity Date, or the first day of the month following the Conversion Date in the event the Forward Commitment Maturity Date is extended in accordance with this Commitment.
Interest Rate Calculation Method Actual/360
Prepayment Structure
Prepayment Type Yield maintenance
Lockout Period; Lockout Period End Date
Commencing on the Conversion Date, and ending on the last day of the 120th full calendar month following the Conversion Date
Yield Maintenance Period (see Sections 1 and 10 of the Project Note for details of the prepayment terms)
From the Conversion Date to, but not including, March 1, 2040
Window Period 3 months
Balloon Payment Date Maturity Date
Property Name: Rosefield Village Loan Number: 506223353—Permanent Freddie Mac Seller: Greystone Servicing Company LLC
DocuSign Envelope ID: A2DE70C6-E027-4C6E-9711-C57D115EFCE2
Construction Phase Rate Information
Construction Phase Interest Rate Variable index rate to be determined by Construction Lender.
Rate Information
Index 10-year U.S. Treasury Security
Treasury Floor 0.53%
Maximum U.S. Treasury Security 0.71%
Actual Index Rate at Rate Lock 0.56% Base Interest Rate (used in the calculation of the Permanent Phase Interest Rate)
0.56%
Net Spread 2.71%
Permanent Phase Interest Rate 3.27%
Underwriting Rate 3.44%
Loan-Related Fees
Servicing Fee 0.17% (commencing on the Conversion Date)
Fiscal Agent’s Fee $4,000 per annum
Governmental Lender’s Fee
Not in excess of 0.05% per annum of the outstanding principal amount of the Funding Loan outstanding on the first day of the month in which each anniversary of the Origination Date occurs
Rebate Analyst Fee $800 per annum (estimated)
Maximum Loan Amount
Proposed Maximum Funding Loan Amount at Conversion $13,858,000.00
Rate Locked Maximum Funding Loan Amount $13,858,000.00
Minimum Loan Amount at Conversion 90% of the Rate Locked Maximum Funding Loan Amount
Forward Commitment Maturity Date; Application and Other Fees
Forward Commitment Maturity Date September 1, 2023
Freddie Mac Application Fee Greater of $3,000 or 0.1% of the Rate Locked Maximum Funding Loan Amount
Freddie Mac Commitment Fee Percentage 2% of the Rate Locked Maximum Funding Loan Amount Freddie Mac Standby Fee Percentage 0.15% of the Rate Locked Maximum Funding Loan Amount
Determination of Actual Loan Amount
Original Underwritten Debt Coverage Ratio* 1.17 to 1.00
Minimum Debt Coverage Ratio for Product Type 1.15 to 1.00
Annual Debt Service Constant: 4.9179%
Underwritten Expenses $9,484/unit including $600/unit for replacement reserves, plus actual insurance premiums and real estate tax expenses**
Underwritten Net Operating Income
(NOI)*
$800,946
Underwritten Loan to Value Ratio* 79%
* Actual Loan Amount to be determined in accordance with Exhibit D attached to the Construction
Phase Financing Agreement.
** Insurance premiums currently estimated to be $619/unit; and real estate taxes currently estimated to be approximately $301/unit.
[Acceptance Page Follows]
Borrower acknowledges and agrees that (i) certain matters may prevent the closing of the Loan and/or the Conversion Date from occurring, and (ii) following rate lock, if the Loan fails to close for any reason, Lender will have the right to exercise any and all remedies set forth in this Commitment, including retaining the Commitment Fee, Application Fee, the Origination Fee, and other fees paid by Borrower under this Commitment, in accordance with the terms of this Commitment.
BORROWER:
CONSTITUTION AND EAGLE LP,
a California limited partnership
By: Rosefield LLC, a California limited liability company, its managing general partner
By: Island City Development, a California nonprofit public benefit corporation, its sole manager
By:
Janet Basta Treasurer & Secretary
| 2020-08-07T16:56:28-0700 | |
| Digitally verifiable PDF exported from www.docusign.com |
File details come from the government source that posted it. Updated .