Multifamily & Mixed Use Loans

Bridge to stabilize. Agency to hold. Bank debt when it's cheapest. Debt fund when speed matters more than basis points. The right answer depends on your hold period and business plan — not on whichever lender you happened to call first.

Multifamily is where most of my publicly reported volume sits: $10M and $8.9M bridge loans on Beacon Hill, a $6.05M refinance in Cambridge.

• Value-add buyers repositioning underperforming buildings
• Owners refinancing out of construction or bridge debt
• Sponsors on lease-up needing 12–24 months to hit stabilized occupancy
• Mixed-use with ground-floor commercial that banks find complicated
• 40B, LIHTC, and projects with layered subsidy

Loan size: $1M – $50M+

Executions: Agency, bank, life co, debt fund, CMBS

Leverage: Up to 80% LTV

Term: 12 months (bridge) to 30 years (permanent)

Recourse: Non-recourse available

Amortization: 25–30 year, interest-only periods available

Pro forma NOI versus trailing NOI. You're underwriting to $840K stabilized. The lender is underwriting to the $610K trailing twelve. That gap is your loan proceeds. We build a rent roll and T-12 that bridges it credibly instead of hoping nobody notices.

Expense assumptions. Underwriters apply their own management fee, replacement reserve, and vacancy factor regardless of your actuals. If you haven't modeled theirs, your sizing is wrong before you start.

Tax and insurance escalation. A repositioned building gets reassessed. In Massachusetts that can move your expense line meaningfully — and if DSCR was thin, the loan shrinks.