Houston, TX Arbor Realty Trust, Inc. has originated two loans totaling $37.477 million.
Casa del Mar, a 354-unit apartment community received $21.477 million for refinance cash out under a Fannie Mae DUS loan program. The deal was structured with a 7-6 ARM product on a 30-year amortization schedule. Scharf of Arbor’s Uniondale, NY office originated the loan.
“This high leverage loan reflects a combination of The Agency’s commitment in 2018 to win business, as well as Arbor’s ability to structure a loan that satisfied all of the borrower’s goals,” Scharf said.
Lakeview Terrace, a 541-unit manufactured property, received $16 million for refinancing under the Freddie Mac Conventional product line. The transaction provides a 10-year fixed rate, with a three-year interest-only term. Jason Scott, regional managing director, Southeast, originated the loan.
“Arbor was able to provide significant return of equity to the Sponsor who, since acquiring the property in 2015, created meaningful value through exceptional property management and a strong leasing program,” Scott said. “The sponsor was very pleased with both the rate and proceeds level.”