Sara Havlena
(2022 projected origination volume and preferences)
Voya Investment Management
Volume: $5.5B
Originated $2.2B so far this year; $15M-$150M loans for all the major asset classes plus self-storage and MHC; 50% core lending and 50% core-plus lending; top 50 MSAs
Pacific Life
Volume: $3B
Originated $1.55B so far this year; $40M-$500M loans for multifamily, industrial, necessity-based retail, limited hotels and office, will consider life sciences, cold storage, self-storage; five-year+ fixed-rate loans, three- to five-year floating-rate loans; 60%-70% LTV; 1.25x amortizing DSC; 7%-9% going-in debt yield; primary, secondary and select tertiary markets
StanCorp Mortgage Investors
Volume: $2.2B+
$1M-$20M loans for all property types; nationwide
John Hancock (Manulife)
Volume: $2B
Originated $800M so far this year; $10M-$150M loans for multifamily, industrial, office, retail; up to 75% LTV; rates between 2.75% and 3.4%; five-year+ terms; 25- and 30-year amortization and interest only; minimum 1.20x DSC; non-recourse with standard carve-outs; all major markets
Thrivent
Volume: $1.5B
Originated $350M so far this year; $5M-$75M loans for Class A and A- multifamily, Class A distribution, Class A or B warehouse (must be infill and in very good condition), anchored retail with strong grocer or home improvement stores (location must be infill and sales of anchor tenants available), Class A office in proven markets, 4- or 5-star MHC properties exclusively in FL, AZ, CA, newer self-storage with infill locations; LTV will max at 60% for industrial, multifamily MHC, 55% for retail, 50% for office, self-storage; top 30 markets
Securian
Volume: $1.2B
Originated $254.2M as of March 31; $3M-$40M loans for industrial, retail, office, multifamily, mixed-use, self-storage; up to 75% LTV; five- to 20-year terms, self-amortizing up to 25 years; up to 30-year amortization, interest only on low leverage; non-recourse, warm body on the carve-outs or an entity with a minimum net worth; 1.50x DSC based on 25-year amortization; 9%+ debt yield; primary, secondary, tertiary markets
National Life
Volume: $1B
Originated $300M so far this year; $10M-$35M loans for industrial, multifamily, grocery-anchored retail, office; five- to 15-year terms; 25- to 30-year amortization; top 50 MSAs
CUNA Mutual Group
Volume: $850M
Originated $470M so far this year; $5M-$40M loans for multifamily, industrial, grocery-anchored retail, MOB, self-storage; 70% LTV for multifamily, 65% for all other assets; five-, seven- and 10-year terms; 15/15, 20/20 and 25/25 self-amortizing terms available; non-recourse; 25- and 30-year amortization and interest only available; top 100 MSAs
RiverSource
Volume: $350M
Originated $175M so far this fiscal year; $2M-$12M loans for apartments, industrial, select retail and office; three- to 15-year terms; 30-year amortization; non-recourse except for carve-outs; primary markets
Security National Commercial Capital
Volume: $200M
Originated $42M so far this year; $1M-$8M loans for single- and multitenant commercial, office, industrial, retail; 75% LTV; 6.5%-7.5% interest-only rates; non-recourse available; 12- to 36-month terms; open prepayment with no penalty; large metros nationwide, secondary and tertiary markets in western states
Farm Bureau Insurance
Volume: $80M
Originated $7.7M so far this year; $1M-$9M loans for apartments, industrial, retail, office; no more than 75% leverage; high 4% to low 5% rates; 7.5-year up to 20-year terms, 15- to 25-year amortization; 1.25x DSC on a 20-year amortization; Southeast, Midwest, Mountain states and Pacific, excluding CA
GPM Life Insurance
Volume: $20M
$2M has been issued so far this year; $1M-$4M loans with a preference for multitenant industrial, office and retail centers; 1.30x+ DSC; non-recourse; rates approximately 250 basis points over the 10 year in line with the deal; preference for the Southwest, TX, NV, AZ, close to major MSAs
