Arbor Funds $137.9M in FHA Financing Volume Year-to-Date, 2017
UNIONDALE, NY (June 22, 2017) – Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, announces the recent funding of six loans totaling $137,935,328 under several FHA financing product lines:
- Briar Club Apartments, Memphis, TN – This Class B/C, 272-unit multifamily property, consisting of 17 multifamily apartment buildings, received a total of $9,866,000 – including $1,277,689 for critical repairs, renovations and upgrades – is funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Briar Club Apartments is located approximately 10 miles southeast of the Memphis central business district within close proximity to Highway 240. Ronen Abergel, Vice President of Arbor’s Uniondale, Long Island office originated the refinance loan.
- Bridford Lake Apartments, Greensboro, NC – A $33,022,000 FHA 223(f) refinance of a 320-unit garden-style multifamily property received $33,022,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Bridford Lake Apartments is located in a primarily residential neighborhood, approximately 9 miles southwest of the Greensboro Central Business District and 11 miles northeast of the High Point Central Business District.
- College Towne West, Lansing, MI – This 532-unit multifamily property, now known as Towne Square Apartments and Townhomes, received $16,566,328 funded under an interest rate reduction program. The 29-year refinance loan amortizes on a 29-year schedule. The refinancing lowered interest costs yielding significant debt service savings. College Towne West, situated on over 31 acres within close proximity to Michigan State University, offers amenities such as a sauna, tanning bed and high speed wireless connection. Michael Jehle, Vice President of Arbor’s Oklahoma office, originated the refinance loan.
- Champions Club, Glen Allen, VA – This 212-unit garden-style multifamily property received $20,017,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Champions Club Apartments offers amenities including a tiered swimming pool, lighted tennis court, sand volleyball court, racquetball court, clubhouse and fitness center.
- Madison at Adams Farms, Greensboro, NC – This 500-unit multifamily property received $31,110,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Madison at Adams Farms Apartments is located on 46.9 acres, approximately 9 miles southwest of the Central Business District of Greensboro and 9.5 miles northeast of the Central Business District of High Point.
- Clearfield Station, Clearfield, UT – This Class A, 216-unit multifamily property received $27,354,000 funded under the FHA 221(d)(4) product line. The 24-month nonrecourse construction loan converts to a 40-year self-amortizing permanent loan. Clearfield Station is part of a larger 72-acre master-planned development adjacent to the Clearfield FrontRunner commuter rail station owned by the Utah Transit Authority (UTA). The developer has planned a mixed-use for the property including office and residential spaces, an industrial park, a school and a park, as well as parking to support the existing rail station. This project is in line with HUD’s mission of creating strong, sustainable communities through promoting transit-oriented developments. Garth Davis, Senior Vice President of Arbor’s San Francisco office, originated the new construction loan.
“This recent volume of funding speaks to the capabilities of Arbor’s FHA Lending Group,” says John Caulfield, Chief Operation Officer. “It demonstrates that Arbor is persistent in its commitment to extending its expertise within the FHA multifamily lending market.”
As an approved FHA Multifamily Accelerated Processing ("MAP") Lender, Arbor’s FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis. Arbor also offers the unique “Bridge to HUD/FHA Exit” program. This program is designed to effectively solve the timing issue associated with closing FHA loans by providing a bridge loan to facilitate a quick closing on an acquisition. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate a maximum FHA refinance loan.
For over 20 years, Uniondale, NY-based Arbor Realty Trust, Inc. (NYSE: ABR) has been helping multifamily and commercial real estate clients achieve their financial goals by focusing on growing long-term relationships and conducting business as not simply another real estate lender, but a partner. We value our clients to such an extent that we’re more comfortable calling them partners, and their relationships with Arbor are the foundation of our business.
Founded by Chairman and CEO Ivan Kaufman, Arbor Realty Trust, Inc. is a real estate investment trust and direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Seller/Servicer and the Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge, Mezzanine and Preferred Equity lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of more than $13 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.« view all Press Releases