Deal Highlight: Arbor Funds $40.1M Fannie Mae DUS® Green Rewards Deal in Georgia
Arbor Realty Trust, Inc. has recently funding of $40,100,000 under the Fannie Mae DUS® Green Rewards product line for the acquisition of Lake St. James, a 484-unit property located in Conyers, Georgia.
The Fannie Mae DUS® Green Rewards loan provides a fixed-rate 12-year term amortized over a period of 30 years with an initial 3-year interest-only period.
The loan was originated by Ronen Abergel, Vice President, Originations in Arbor’s Uniondale, NY office.
The sponsors are repeat Fannie Mae and Arbor borrowers, and bring an average of over 20 years of multifamily investment experience to the table,” Mr. Abergel said. “Though the buyers are from out of state, their national investment and management experience allowed them to identify a property that benefits from a close commuting distance to one of the healthiest metro areas in the nation as well as limited competition in the immediate submarket. In addition, the operational efficiencies and extremely attractive loan terms obtained through the Fannie Mae DUS Green Rewards program will help to ensure a strong IRR.
Lake St. James is a 1997-built apartment community that consists of 40, four-story buildings situated on 54.7 acres 24 miles east of Atlanta. The property offers modern amenities including a fitness center, pool with sundeck, playground, tennis court, business center, and barbecue and picnic areas.