Ground-up construction capital with one path to permanent.
End-to-end construction capital from land and soft costs through completion, converting to permanent agency or HUD debt once the asset is stabilized and leased. One-close construction-to-perm available.
The deals this execution is built for
Ground-up multifamily
New-build multifamily with a HUD 221(d)(4) or agency construction-to-perm path.
Healthcare
New construction or substantial rehab for assisted living, skilled nursing, and memory care.
Defined take-out
Sponsors who want the permanent financing designed in from day one.
Where we'd point you elsewhere
Deals without a credible lease-up and stabilization plan.
Deals under $2M, which we route to our business finance desk.
Not sure which execution fits? Our capital markets desk reviews every deal and routes it to the right lender and structure.
See the full deskThe spec sheet at a glance
The headline terms for this execution so you can see fit before you call.
The mechanics of this execution
What the capital looks like, how it's sized, and what the sponsor is signing up for.
Draw-based
Funds are drawn against a budget as construction milestones are completed and inspected, not advanced in a lump sum.
Land and soft costs
The budget includes land, hard construction costs, soft costs, interest reserve, and contingency. The loan is sized to a percentage of total cost.
Construction-to-perm
A one-close structure where the construction loan converts to permanent once the asset is stabilized, avoiding a second closing.
Interest reserve
A reserve built into the budget to service the debt during construction, so the sponsor is not paying interest out of pocket.
Self-qualify before you pick up the phone
These are the metrics we review first. If you're in the ballpark on all four, your deal is likely a fit for this execution.
Loan-to-cost. Construction sizes to a percentage of the total project budget.
Hard costs, soft costs, land, interest reserve, and contingency. The foundation of the sizing.
Construction schedule and lease-up. Drives the term and the interest reserve.
The permanent financing the construction converts into. Underwritten before the construction loan closes.
From first call to funded
The steps we take on this execution, tailored to how this capital actually moves.
Review the budget
We review the hard costs, soft costs, land, interest reserve, and contingency, and confirm the take-out is credible before we size the loan.
Structure the one-close
We structure the construction-to-perm so the permanent take-out is locked in from day one, avoiding a second closing.
Draw and build
Funds are drawn against the budget as milestones are completed and inspected. The interest reserve services the debt during construction.
Convert to permanent
Once the asset is stabilized and leased, the construction loan converts to permanent agency or HUD debt.
The documents we ask for first
Having these ready speeds up the first read. Don't worry if something is missing, we'll tell you exactly what we need.
- Construction budget and plans
- Construction timeline and schedule
- Pro forma stabilized income and expense
- Sponsor resume and track record
- Personal financial statement and schedule of real estate owned
- Appraisal and environmental report
How a deal like this comes together
Illustrative structure only. Not a completed Rinia transaction. Actual terms depend on the asset, sponsor, and lender.
A quick refinance read-out before you talk to a lender
Enter your as-is value, stabilized NOI, and current balance. We'll show an indicative proceeds range by execution, a DSCR indication, and a rough timeline.
Enter an as-is value and NOI to see the read-out.
Questions sponsors ask about this execution
What is a construction-to-perm loan?+
A one-close structure where the construction loan converts to permanent financing once the asset is stabilized and leased. It avoids a second closing and locks the permanent take-out in from day one.
How are construction funds drawn?+
Funds are drawn against the budget as construction milestones are completed and inspected. The sponsor does not receive a lump sum; the loan advances with the project.
What is an interest reserve?+
A reserve built into the construction budget to service the debt during construction, so the sponsor is not paying interest out of pocket while the asset is not yet generating income.
What is the take-out for construction?+
The permanent financing the construction loan converts into, typically agency or HUD for multifamily and healthcare. We underwrite the take-out before the construction loan closes so the exit is clear.
Send a construction deal
Share the budget, the timeline, and the pro forma. We'll structure the construction-to-perm path.
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