Kelly of Arbor Commercial refinance $21.25 million for 218-unit apartment complex

Arbor Commercial Funding has funded a $21.25 million refinance loan under the Fannie Mae DUS Dedicated Student Housing product line for The Lofts Apartments. The 10-year loan for the 218-unit complex amortizes on a 30-year schedule. The loan was originated by John Kelly, VP, in Arbor's full-service Boston, Mass, office. Servicing the student population of West Virginia University, The Lofts Apartments were constructed in 2010 by an experienced student housing real estate owner and contain 648 beds within its 218 units. The property is currently 96% occupied on a per-bed basis and features an outdoor pool, a hot tub, a campus shuttle, a fitness center, a game room, three tanning beds, a movie theater, a dog park and a community building. The fully-furnished units offer such standard amenities as patios, fireplaces, dishwashers, washing machines, dryers, air conditioning, stainless-steel appliances and granite countertops. West Virginia University's total student enrollment is 28,898. "This deal demonstrates Arbor and Fannie Mae's commitment to providing the best available financing terms within the student housing market," Kelly said. "The property's owner and developer did an outstanding job building this asset in a university community that has a need for more off-campus housing units. The management has done an excellent job in all facets of the day-to-day operations. We look forward to continuing to actively finance student housing communities across the country."