Case Study
In Q4 2026, Haven Capital closed a $51.0mm Ground Lease alongside a $42.5mm Freddie Mac leasehold loan to finance the acquisition of a stabilized multifamily property in Michigan. The combined financing provided the sponsor with 88% loan to purchase price proceeds.
Fee Simple Financing (2)
CUM. LTPP
$ CUM.
100.0%
$106.0m
72.8%
$77.2m
Blended Year 1
Rate:
6.2%
Fee Simple
Financing (2)
$28.8m (27%)
Sponsor Equity
Sponsor Equity
$77.2m (73%)
Mortgage Loan
6.20% Fixed Rate
Mortgage Loan
6.20% Fixed Rate
Results vs. Fee Simple
LTPP
0
pts
Year 1 Rate
0
bps
IRR
0
bps
Cash-on-Cash
0
bps
Haven Ground Lease + Freddie Mac Financing
Haven Ground Lease +
Freddie Mac Financing
$12.5m (12%)
Sponsor Equity
Sponsor Equity
$42.5m (40%)
Freddie Mac Loan
6.30% Fixed Rate (1)
Freddie Mac Loan
6.30% Fixed Rate (1)
$51.0m (48%)
Haven Ground Lease
5.69% All-in Rate (1)
Haven Ground Lease
5.69% All-in Rate (1)
CUM. LTPP
$ CUM.
100.0%
$106.0m
88.2%
$93.5m
48.1%
$51.0m
Blended Year 1
Rate:
6.0%
1. Leasehold loan sized at 1.30x DSCR, priced at 7-yr T + 118 bps post-buydown. Haven GL priced at 30-yr T + 3 bps.
2. Freddie Mac fee simple loan sized to 1.25x DSCR at 7-yr T + 108 bps.
Based on rates locked in early October 2026.