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Posted: August 15, 2017
Outside the Region: Fiesel of Arbor originates $15.4 million Fannie Mae loan for 504 unit complex
Charlotte, NC Arbor Realty Trust, Inc. has funded a loan totaling $15.4 million for the acquisition of Pressley Ridge Apartment Homes, under the Fannie Mae Standard DUS Loan program. The subject property is a two-story, 504-unit multifamily property that was built in 1969.
James Fiesel, originator, based in Arbor’s New York office, originated the deal. The 7/6 ARM acquisition loan represents 80% of the purchase price and features a 24-month interest-only term.
“The favorable financing terms we were able to provide are reflective of both the asset and sponsorship group we were working with. This asset, in this market, has great upside, and the new owners have a long track record of successful execution.” Fiesel said.
The property currently consists of one-, two- and three-bedroom apartments with a unit mix of 176 one-bedroom units, 224 two-bedroom units, and 104 three-bedroom units. Amenities include on-site management, picnic grills, washer/dryer in every unit, and access to the new community center, playgrounds and soccer fields.
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