Shopping Centers
Anchor Tenants
Non-Anchor Tenants
Industrial
Light industrial
Warehouse/distribution
Owner-occupied
Mini-storage
Heavy industrial
Buildings can be single tenant or multi-family
Power Centers
Grocery/drugstore anchored centers
Unanchored strip centers
Enclosed malls
Specialty retail
Properties may be new or existing, to-be-built or in need of
substantial rehabilitation, and either a single building or multiple
- building complex. Buildings can be high rise, low rise or
garden-types. Rent may be at market or subsidized.
Cooperatives are owned by an apartment corporation. Individual
tenants do not actually own their apartments as they normally would.
One owns "shares" in the corporation which entitles them to a
long-term "proprietary lease." The corporation pays the total amount
of the buildings mortgage, real estate taxes employee salaries, and
other expenses for the upkeep of the building. The
tenant-owner, in turn, pays a share of these expenses as determined
by the number of shares the apartment has in the corporation. Share
amounts are dictated by apartment size and floor level.
A property in which a portion is used for commercial or retail
purposes and the other portion is used for residential purposes. A
property can also be considered mixed use if different combinations
of uses are present such as commercial/industrial or
residential/industrial.
Student Housing can be low rise, mid-rise or high rise design.
Student population should be 10,000 or more full time students
(ideally 20,000 plus) and expanding. Property may qualify if it is
within two miles of the campus and/or on a school sponsored or
public bus line. Floor plans may be conventional apartment
floor plan or modern private/semi-private bath student floor plan.
Strong operating histories or near term leasing success with
compelling performance demographics and characteristics.
Hospitality - Hotels, Motels, Spas, Recreational
Facilities
Property generally need a recognized franchise (flag), credible
operating history and seasoned management. Location can be downtown
or suburbs, Construction funds require substantial sponsors as
well as strong management and leading national flag.
Eligible facilities include:
Independent living
Assisted living
Congregate care
Skilled/intermediate nursing homes
Strong, experienced management is required
In a Triple Net Lease the tenant pays for all operating costs and
expenses associated with the property it leases for the duration of
the lease. In a triple net lease, the rental component is
separately identifiable in the lease, making the actual net
investment return clear for property owners and investors.
Single Family Housing
Eligible properties include single family dwellings, condos, planned
unit development (PUDs) and rehabilitated units. Nova
Financial can arrange financing for Single Family Housing through
our affiliate, City First Mortgage.
The improvements of one lot or two or more contiguous lots, tracts
or parcels or land for any purpose involving: a group of two or more
residential or nonresidential buildings or a single nonresidential
building on a lot or the division or allocation of land or space for
condominiums, building groups, or other features.
Church - Nonprofit/Religious Organizations
Non Profit and Church financing is available for the refinancing or
acquisition of existing, stabilized Churches and other Religious
Organizations where the commercial mortgage is secured by commercial
real estate. Small Church loans, under $1,000,000, are
available with limited document options. Nova Financial seasoned
Loan Specialist have the experience and knowledge to provide
customized financing for the Religious Community and help ensure the
mortgage process flows smoothly and effortlessly.
