MULTI-FAMILY CONSTRUCTION PROGRAM
| LOAN TYPE | First Lien Construction Loans |
| ASSET CLASS | Ground-Up Multi-Family Construction |
| LOAN AMOUNT | $10.0 - $75.0 million |
| INTEREST RATE | Starting at SOFR + 650 |
| LOAN-TO-COST | Up to 80.0% |
| LOAN-TO-VALUE | Up to 70.0% |
| STABILIZED DEBT YIELD | 6.0% to 8.0% (Market Specific) |
| ORIGINATION FEE | Starting at 1.0% |
| TERM | 24 - 36 Months |
| STRUCTURE | Non-Recourse |
BUILD-FOR-RENT CONSTRUCTION PROGRAM
| LOAN TYPE | First Lien Construction Loans |
| ASSET CLASS | Ground-Up Build-for-Rent Communities |
| LOAN AMOUNT | $10.0 - $30.0 million |
| INTEREST RATE | Starting at SOFR + 500 |
| LOAN-TO-COST | Up to 80.0% |
| LOAN-TO-VALUE | Up to 70.0% |
| STABILIZED DEBT YIELD | 6.0% to 8.0% (Market Specific) |
| ORIGINATION FEE | Starting at 1.0% |
| TERM | 24 - 36 Months |
| STRUCTURE | Non-Recourse |