Outside the Region: Abergel of Arbor Realty Trust arranges $35.95 million FHA 223(f) refinance

Houston, TX Arbor Realty Trust, Inc., has completed the funding of a $35.95 million FHA 223(f) refinancing for Nottingham Village, a 317-unit multifamily property. 

Ronen Abergel, vice president, originations at Arbor Realty Trust, arranged financing for the property. The FHA 223(f) loan was structured with a fixed-rate, 35-year term.

“Due to the property’s location and the borrower’s request for a substantial cash out, no single execution could hit the requested loan amount,” Abergel said. However, by combining our balance sheet capability with HUD’s favorable terms, we were able to achieve the borrower’s objective. It was a flawless execution!”

Nottingham Village was built in two phases in 1971 and 1983. The community features 44 garden-style buildings situated on 16.4 acres. Amenities include a transit-oriented location, assigned parking, high-speed internet access, on-site maintenance, and a salt-water swimming pool.

“This transaction is yet another example the flexibility offered by Arbor’s unique status as an FHA lender with a balance sheet bridge loan platform,” said Jeff Allshouse, senior vice president, FHA sales. “Furthermore, as a HUD-approved Multifamily Accelerated Processing (MAP) lender, Arbor was able to secure the excellent long-term, fixed-rate terms FHA is known for on an expedited basis.” 

Loan proceeds will cover $500,000 in property renovations, which will include new windows and sliding doors, updated electrical, as well as new countertops and cabinetry.