Commercial real estate finance · Nationwide (347) 674-9166sam.flegmann@brookedgerec.com
BrookedgeReal Estate Capital

Commercial real estate finance

You deserve a partner who is fully invested in your deal.

Brookedge Real Estate Capital arranges acquisition, refinance, bridge and construction financing for owners and operators of commercial property nationwide. Our team underwrites every file before a lender sees it, and we stay with it until the loan funds.

Submit a deal See recent financings
Debt placed by our principals
$50MM+
Bank, debt fund, agency and HUD lender relationships
180+
Leverage on every recent mandate
75%
States closed in
9
INDUSTRIALSENIORS HOUSINGMIXED-USEMULTIFAMILYNET-LEASE RETAILFLEX

Transactions

Recent financings

Terms are from actual engagements, quoted as issued. Borrower names are withheld. Several are files a conventional read would have declined.

Illustration. Address withheld.

ClosedAcquisition financing · Industrial

$6,800,000

Vacant industrial building, financed at bank rates

Leverage
75% of cost
Rate
6.50%
Amortization
25 years
Lender
Commercial bank

The situation

A very large industrial building, vacant, under contract at roughly $9 million. Empty collateral usually means bridge or hard-money pricing, and a lease-up before any bank will engage.

The financing

We built the file around the sponsor: global cash flow and a documented record of buying, converting and leasing industrial buildings. A commercial bank took the credit at 75% of cost, at 6.50% on a 25-year amortization.

Illustration. Address withheld.

ClosedPermanent loan · Industrial

$5,400,000

Industrial property, 80% leased to cannabis operators

Leverage
75% of value
Rate
6.75%
Amortization
25 years
Lender
Bank

The situation

Four-fifths of the rent roll was leased to cannabis operators. Most banks decline on the tenant profile before they look at the real estate.

The financing

We profiled every tenant: operating history, time in the building, payment record and the strength of the business behind each lease. The loan closed with a bank at 75% of appraised value, at 6.75% on a 25-year amortization.

Illustration. Address withheld.

Term sheet issuedRefinance · Net-lease industrial

$1,900,000

Over-leveraged net-lease industrial refinance

Leverage
Up to 75% of value
Rate
6.80%
Amortization
25 years
Underwriting
Sponsor global cash flow

The situation

The appraisal behind the existing loan assumed 3% vacancy and a 1% management fee in a market that underwrites 7% and 4%. On realistic assumptions the property could not clear a conventional coverage test, and a $1.94 million payoff was coming due.

The financing

We sourced a lender willing to underwrite the sponsor's global cash flow in place of property-level coverage, sizing to 75% of appraised value. The term sheet is for $1.9 million at 6.80%, and the amount adjusts upward if the new appraisal supports it.

Illustration. Address withheld.

In processAcquisition financing · Net-lease retail

$825,000

Dollar General on a long-term lease

Leverage
75% of cost
Purchase price
$1.1 million
Amortization
30 years
Tenant
Dollar General

The situation

Small-balance net-lease purchases tend to get thin attention from lenders and brokers alike, yet the borrower still needs full leverage and a long amortization for the yield to work.

The financing

Packaged and placed with the same care as a larger file: 75% of the $1.1 million purchase price on a 30-year amortization, supported by a long-term Dollar General lease.

Where we have closed

Based in the New York metro, placing debt wherever the sponsor and the asset are.

In the past year
New Jersey, Texas, Pennsylvania
Prior placements
New York, Florida, California, North Carolina, Georgia, Arizona

Our commitment

We take on your financing as if the property were our own.

Buying or refinancing a property is one of the largest commitments an owner makes. The firm arranging the debt should carry that weight with you.

For us that starts before a lender is called. Our underwriting team works through the rent roll, the operating history and the sponsor's full financial picture, so we know what the deal will support and can tell you plainly. If a request will not clear the market as written, we say so early and show you what will.

Then we stay with it. Through the term sheet, the appraisal, third-party reports, credit approval and closing, you will know where your loan stands and who is working on it. We consider our work finished on the day your loan funds.

Brookedge Real Estate Capital

Financing

What we finance

Specialty depth in healthcare and multifamily, with full coverage across commercial property. Every mandate is underwritten in-house before it goes to a lender.

Skilled nursing

Acquisitions, recapitalizations and bridge-to-HUD. We read census, payor mix and Medicaid rate schedules, and we underwrite the operator before the lender does.

Bridge · Bank · HUD 232

Assisted living and memory care

Stabilized and transitional communities, single assets and portfolios. Agency, HUD and bank executions matched to the operator's license and business plan.

Bank · Debt fund · HUD 232

Multifamily

Workforce, value-add and stabilized housing from five units up. Fannie Mae, Freddie Mac, HUD 223(f) and bank programs, chosen on rate, leverage, recourse and prepayment.

Agency · Bank · HUD 223(f)

Net-lease retail

Single-tenant properties and small portfolios, investment-grade and franchisee credit. Small-balance loans receive the same packaging as larger files.

Bank · Credit union · CMBS

Industrial and flex

Vacant, transitional and unusual tenancy. Our two most recent industrial closings were bank executions at 75% leverage. Where a bank will not lend, we know the lenders who will.

Bank · Debt fund · SBA

Mixed-use and special situations

Owner-user, mixed-use and self-storage, along with files where the last appraisal or the last lender set a bar the property cannot clear alone. We evaluate the sponsor as closely as the property.

Bank · Private credit

Loan programs

Indicative ranges from recent lender quotes, not commitments. Sponsor strength moves every one of them.

ProgramWhat it coversIndicative terms
Acquisition financingPurchase loans sized to cost, with the sponsor's full picture in the file from the first day.Up to 75% loan-to-cost
25 to 30-year amortization
Refinance and cash-outRate-and-term and cash-out refinances, including files where the last appraisal set a bar the property cannot clear alone.Up to 75% loan-to-value
Global cash flow underwriting available
Bridge and transitionalVacant buildings, lease-up and repositioning plans, priced as close to permanent debt as the business plan allows.12 to 36 months
Interest-only available
ConstructionGround-up and heavy renovation for sponsors with a track record, through banks and debt funds.Loan-to-cost sized to budget
Recourse and non-recourse
Agency and HUDFannie Mae, Freddie Mac, HUD 223(f) and HUD 232 for multifamily, skilled nursing and assisted living.Up to 35 years, fully amortizing
Non-recourse
Small-balance and net leaseLoans that larger shops do not return calls on. The same process, the same lender competition and the same attention.Bank and credit union execution
30-year amortization available

Process

How an engagement runs

Sam Flegmann leads each engagement and the lender conversations. Behind him, Brookedge's underwriting team builds and tests every file before a lender sees it.

  1. Intake

    Send the basics: the property, the loan request, financials and a sponsor overview. You receive a read on feasibility and a preliminary sizing within one business day.

  2. Underwriting and package

    Our team builds the file lenders underwrite from: normalized cash flow, global cash flow, track record, tenant profiles and answers to the questions they will ask.

  3. Lender selection

    The file is screened against our lender database by asset type, geography, leverage and structure, and goes to the lenders it fits.

  4. Term sheets

    Offers are compared line by line: rate, amortization, recourse, reserves, prepayment and covenants. You choose among real options.

  5. Closing

    Our closing desk manages third-party reports, lender checklists and insurance requirements through funding, so the loan you close matches the term sheet you signed.

Loan sizing

What the property supports, before the first call

Two tests decide most conventional loans: leverage against value, and debt service coverage against income. Enter your figures to see which one governs.

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Defaults reflect a typical bank quote on a stabilized net-lease purchase. Agency, HUD and bridge programs use different leverage and coverage tests.

Results are illustrative only. Sponsor global cash flow, track record, market and lender appetite can move every figure here. That is the work we do.

Preliminary sizingIllustrative

Indicated maximum loan

$825,000

Governing test: Leverage (75% LTC)

Sized on leverage$825,000
Sized on debt service coverage$843,655
Annual debt service$64,541
Resulting DSCR1.28x
Equity required$275,000
Debt yield10.0%
Cap rate7.50%

Submit a deal

Send the basics and have a read within one business day.

There is no fee to review a deal. If it is financeable, you will hear the leverage, rate and structure to expect, and the lenders we would take it to.

  • Helpful if you have them: a rent roll or census, a trailing-twelve-month operating statement, and the purchase contract or current payoff.
  • Broker inquiries are welcome. Fees are shared and relationships are protected.
  • What you send is held in confidence and shared only with lenders you approve.

Sam Flegmann

Director of Funding

(347) 674-9166
sam.flegmann@brookedgerec.com
Deal intake* Required
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Builds a one-page summary you can send to Sam by email or text. No account or attachments required.