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Multifamily Real Estate Glossary

Multifamily Real Estate Glossary

What is a stacking plan?

In commercial real estate, a stacking plan is a diagrammatic representation showing how spaces within a building, such as an office tower or a multi-tenant industrial complex, are occupied or allocated.

January 26, 2024

What are pass throughs in real estate?

Pass-through expenses are operating costs like maintenance and taxes that landlords charge to tenants, varying based on the lease type—either added to, included in, or partially covered by the base rent.

January 26, 2024

Can landlords charge a lease renewal fee?

Landlords may charge a lease renewal fee depending on the lease agreement and local laws, but it must be transparently communicated, reasonable, and in compliance with specific regional regulations.

January 26, 2024

What is an index lease?

An index lease in real estate is a lease agreement where the rental amount is adjusted periodically based on a specific index, typically the Consumer Price Index, to align with changes in the cost of living.

January 26, 2024

What is Fannie Mae Form 30?

Fannie Mae Form 30, or the Verification of Employment (VOE) form, is used by lenders to verify a borrower's employment and income details, facilitating loan approval and compliance with Fannie Mae's underwriting guidelines.

January 26, 2024

What is a HUD 221d4 loan?

The HUD 221(d)(4) loan provides favorable, long-term financing for the construction and rehabilitation of multifamily housing, with FHA insurance, aimed at supporting affordable housing projects.

January 25, 2024

What is a HUD BSPRA credit?

The HUD BSPRA (Builder-Seller Profit and Risk Allowance) credit is a financing tool that increases the allowable mortgage amount for multifamily housing projects by acknowledging the risk and effort of developers, enhancing the project's financial feasibility.

January 25, 2024

What is "chunk rent" in real estate?

Chunk rent is a term used to refer to the advertised rent of a multifamily unit, as opposed to the per sqft rent.

January 25, 2024

What is an interest reserve in real estate finance?

An interest reserve is a part of a construction loan that covers interest payments during development, easing the borrower's cash flow burden until the project is income-generating.

January 25, 2024

When do you have to pay interest during construction projects?

Interest on construction loans is usually paid either during the construction phase or upon completion, depending on whether it's interest-only payments, capitalized, or deferred, as per the loan agreement.

January 25, 2024
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