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Posted: July 17, 2018
Outside the Region: Arbor Realty Trust funds two Fannie Mae DUS loans–$24.9 million total
Mercedes, TX Arbor Realty Trust, Inc. has completed the following transactions:
Funded a Fannie Mae DUS Multifamily Affordable Housing (MAH) loan for La Herencia Apartments. The 160-unit multifamily property received $3.255 million for nonrecourse MAH refinancing. The deal was structured under MAH Preservation Tier III, with a 12-year fixed-rate term on a 30-year amortization schedule. Matt Norman of Arbor’s Dallas office originated the loan.
“Through Arbor’s diligence and commitment to develop customized solutions, we were able to structure terms that were equitable to all parties. The creative intelligence at the beginning of the process was paramount to a successful transaction,” said Norman.
Funded a Fannie Mae DUS Small Loan in East Point, Ga. for Parkside at Camp Creek Apartments. The 486-unit multifamily property received $21.7 million for refinancing. The deal was structured with a 7-6 ARM product on a 30-year amortization schedule. Ryan Duff of Arbor’s NYC office originated the loan.
“Arbor was able to support our repeat client through a strategic product line,” Duff said. “We secured great long-term refinancing terms for our Sponsor, after property improvements were made and cash flow increased during the original loan’s 12-month lockout period.”
Built in 1998, La Herencia Apartments is located in Hidalgo County and is part of the McAllen-Edinburg-Mission metropolitan areas. This quiet community offers 1-3 bedroom floor plans in a garden style layout. Amenities include a clubhouse, leasing office, business center, laundry facility, a playground and swimming pool.
Built in 1970, Parkside at Camp Creek Apartments is conveniently located just southwest of Atlanta’s central business district. This beautifully landscaped community offers 2-3 bedroom floor plans in both garden and townhome style layouts. Amenities include a clubhouse, laundry facility, fitness center, two swimming pools, playgrounds and a basketball court.
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