Allocated Value to Real Estate and Improvements

Requirements

For any non-Seniors Housing Property Seniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. , you must review the PSA PSAFinal fully executed purchase or sales contract or agreement (including all amendments, assignments, extensions, joinders/acknowledgements, and related documents) for an Acquisition. and the final title company settlement statement to determine if any portion of the Property’s Property’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. price is specifically allocated to Personal Property Personal PropertyFurniture, fixtures, equipment, and other tangible personal property located on or used in connection with the Property. and/or Intangible Property Intangible PropertyBusiness value, goodwill, and any other intangible value attributed to the Property being operated as a multifamily housing development. .

If the Property’s Property’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. price allocates any portion to Personal Property Personal PropertyFurniture, fixtures, equipment, and other tangible personal property located on or used in connection with the Property. and/or Intangible Property Intangible PropertyBusiness value, goodwill, and any other intangible value attributed to the Property being operated as a multifamily housing development. , the allocation is permitted if the Mortgage Loan Mortgage LoanMortgage debt obligation evidenced, or when made will be evidenced, by the Loan Documents, or  a mortgage debt obligation with a Fannie Mae credit enhancement. Test Notes-SV Test Again Sub-bullet test1 Sub-bullet test2 amount in the Loan Documents Loan DocumentsAll Fannie Mae-approved documents evidencing, securing, or guaranteeing the Mortgage Loan. , Delivered DeliveredSubmission of all correct, accurate, and certifiable documents, data, and information with all applicable documents properly completed, executed, and recorded as needed, and any deficiencies resolved to Fannie Mae’s satisfaction. data, and final title company settlement statement, does not exceed 90.00% of the:

• Property’s Property’sMultifamily residential real estate securing the Mortgage Loan, including the fee simple or Leasehold interest, Improvements, and personal property (per the Uniform Commercial Code). Acquisition AcquisitionAny Purchase of either the: Property’s fee simple or leasehold interest via a deed transfer; or Controlling Interest in the Borrower. price; minus
• portion allocated to any other Intangible Property Intangible PropertyBusiness value, goodwill, and any other intangible value attributed to the Property being operated as a multifamily housing development. and/or Personal Property Personal PropertyFurniture, fixtures, equipment, and other tangible personal property located on or used in connection with the Property. (excluding fixtures, if customarily valued as real estate in the market).

You must refer to  Part III, Chapter 5: Seniors Housing Properties, Section 502.02: Ineligible Properties  for a Seniors Housing Property Seniors Housing PropertyMultifamily residential rental property with any combination of Independent Living, Assisted Living, Alzheimer’s/Dementia Care, or Skilled Nursing units. .