818 Capital Partners

Private lending · Capital advisory

110 Wall Street, New York, NY 10005

Deal teaser

REF #TS-2026-0422-RP

Mar 15, 2026

Confidential

2771 Royal Palm Ave · Fort Myers, FL 33901 · 33-unit garden apartment

Royal Palms Apartments

Acquisition financing · 33-unit value-add multifamily

Stabilized 1980s-vintage garden-style asset, 92% occupied at $1,180 in-place rent against a $1,420 market comp band. Sponsor closing under PSA at $130,303 / unit on a recently-renovated 65% basis. 818 Capital is funding the acquisition term loan as principal at 80% LTV, 10-year fixed, 30-year amortization with 2 years interest-only.

Loan amount

$3.44M

Rate

10.25%

Term

10 yr · 30 amort

LTV

80%

DSCR

1.32×

Origination

100 bps

Prepay

5-4-3-2-1

Recourse

Non-recourse

Reserves

9 mo. P&I

The opportunity

24-month lease trade-out from $1,180 to $1,420 supported by 4 stabilized 2-bed comps within 0.6 miles. Y2 NOI growth of 18% vs. Y1 underwritten in-place.

Why this transaction

Sponsor has executed three prior trade-out plays in the SW Florida MSA at comparable basis. Acquisition basis of $130k/unit is 32% below 2024 sale comp set average.

Why 818 Capital

We are funding directly from balance sheet at indicative pricing without a re-trade. Closing path is 35 days from full file.

Click to expand

No agency timing risk. Single point of contact through close. Terms locked at indication subject to standard third-party reports.

Royal Palms Apartments

2771 Royal Palm Ave · Fort Myers, FL 33901

Term sheet

REF TS-2026-0422-RP · Mar 15, 2026 · Indicative · non-binding

Acquisition term loan · Multifamily · 33 units · Balance-sheet lender

Loan amount

$3.44M

80% LTV on $4.3M purchase

Rate

10.25%

Fixed · 10-year term

Amortization

30 yr

2 yr interest-only

DSCR

1.32×

In-place NOI · Y1

Section 01 Loan terms

818 Capital Partners

818 Capital Partners is pleased to present the following indicative terms for a senior acquisition loan secured by Royal Palms Apartments, a 33-unit garden-style multifamily property in Fort Myers, Florida. These terms are based on information provided by the sponsor and remain subject to satisfactory completion of underwriting, third-party reports, and final credit-committee approval.

Term	Indicative structure
Borrower	Royal Palms Holdings LLC (or assignee acceptable to 818)
Loan type	Senior acquisition term loan · balance-sheet funded by 818 Capital
Loan amount	$3,440,000 (eighty percent LTV on $4,300,000 purchase price)
Interest rate	10.25% per annum, fixed for the full term
Term / amortization	10-year term · 30-year amortization · 24 months interest-only
Origination fee	100 bps, payable at closing
Prepayment	5-4-3-2-1 declining premium; open after year 5
Recourse	Non-recourse, subject to standard carve-out guaranty
Reserves	9 months P&I escrowed at closing

Section 02 · Conditions precedent Satisfactory appraisal confirming value at or above purchase price. Phase I environmental with no material findings. Title commitment with lender endorsements. Rent roll and trailing-12 operating statements. Sponsor guaranty and entity organizational documents.

Click to view full checklist

Updated property condition report. Insurance binder naming 818 Capital as mortgagee. UCC search and lien payoff letters. Closing timeline of 35 days from complete file, subject to third-party report delivery.

818 Capital Partners

Term sheet · Royal Palms Apartments

TS-2026-0422-RP

Page 2 of 2

Section 03 Acknowledgment

Non-binding indication

This term sheet is an expression of interest only and does not constitute a commitment to lend. No party shall be bound until execution of definitive loan documents approved by 818 Capital Partners' credit committee. The borrower acknowledges receipt of these indicative terms and agrees to maintain confidentiality of this document and its contents.

818 Capital Partners

Ravi Punn — Principal
ravi@818capitalpartners.com · (917) 993-9194

Borrower acknowledgment

Name · Title · Date

108–110 Schuyler Rd

Ridgefield Park, NJ · 2-family residential

Quote comparison

REF QC-2026-0318-SR · Mar 18, 2026 · For borrower review

Refinance · DSCR · 2-unit · 3 lender quotes

Loan amount

$612K

75% LTV

Property value

$816K

Appraised · Mar 2026

In-place rent

$5,400

Monthly gross

Target close

Apr 15

28 days from indication

Comparison Three lender indications

Prepared by 818 Capital

The following side-by-side compares three indicative quotes received for the refinance of 108–110 Schuyler Rd. 818 Capital Partners is presenting terms as direct balance-sheet lender. All figures are indicative and subject to final underwriting.

Lender A

Regional bank

Agency-adjacent · portfolio hold

Rate

7.125% · 5/1 ARM

Origination

125 bps + $2,500 processing

LTV max

70%

DSCR floor

1.25×

Prepay

3-2-1 · ARM reset risk

Timeline

45–60 days

Recourse

Full recourse

Lender B

Debt fund

Non-bank · bridge-to-term

Rate

9.50% · fixed 3 yr

Origination

150 bps

LTV max

75%

DSCR floor

1.20×

Prepay

Yield maintenance yr 1–3

Timeline

30 days

Recourse

Limited · carve-out

Recommended

818 Capital

Balance-sheet · direct lender

Rate

8.75% · fixed 10 yr

Origination

100 bps · single fee line

LTV max

75%

DSCR floor

1.20× · passes at 1.28×

Prepay

5-4-3-2-1 · open yr 5

Timeline

28 days

Recourse

Non-recourse · carve-out

818 recommendation 818 Capital offers the best combination of fixed-rate certainty, proceeds at 75% LTV, and non-recourse structure without ARM reset exposure. Total cost of capital over a 5-year hold is approximately 185 bps lower than Lender B and avoids the recourse requirement of Lender A.

Click for cost breakdown

5-year all-in cost: 818 at 8.75% fixed vs. Lender A effective 7.8% with ARM risk and recourse vs. Lender B at 9.50% with yield maintenance. 818 closes fastest with a single fee line and no re-trade history on this sponsor profile.