Articles

Understanding the Impact of Wildfires on Rental Property Insurance

From California to Maui, the frequency and scope of wildfire events are rising, causing insurance markets and public agencies to reevaluate property in areas at risk for catastrophic damage. As a result, rental housing providers are seeing greater limitations to coverage, higher premium prices, and, in some cases, a total absence of viable private insurance — a trend detailed in the NMHC 2023 State of Multifamily Risk Survey and Report. This troubling new trend has placed many rental housing operators in a bind where they must simultaneously contend with the declining availability and affordability of insurance options.

Articles

Five Advantages of FHA Multifamily Construction Loans

In the last three years, multifamily construction has reached levels not seen since the 1980s, supported, in part, by the U.S. Department of Housing and Urban Development’s (HUD) Federal Housing Administration (FHA) loans. If you are exploring the acquisition, refinancing, rehabilitation, or new construction of conventional multifamily, affordable housing, seniors housing, or a healthcare facility, consider FHA multifamily construction loans, a stable financing option with excellent terms and many other attractive advantages.

Articles

Where are Single-Family Rental (SFR) Rents Rising the Fastest?

While the single-family rental (SFR) sector’s rent growth averages have retreated from record highs, structural tailwinds are keeping price growth positive — both nationally and in major SFR markets. In this research brief, Chandan Economics and Arbor Realty Trust analyze DBRS Morningstar data, which covers the top 20 MSAs by SFR activity, to discover the metropolitan areas where SFR rent growth is the hottest right now.

Articles

Fannie Mae Small Loans Cap Raised to $9 Million

Fannie Mae recently announced that its Small Loan cap has increased from $6 million to $9 million for all loans committed as of August 22, 2023. Multifamily borrowers and lenders have praised the change to the Fannie Mae Small Loans program, which will encourage greater investment in a rapidly growing sector where demand remains high despite market volatility.

Articles

The Top Five Emerging Metros for Retiree Relocation

As Baby Boomers reach retirement age, their evolving geographic preferences are strengthening housing markets and local economies in new locations, which feature attractive climates, relative affordability, and ample outdoor activities. With swelling populations of senior citizens, our top five emerging metropolitan areas for retiree relocation are fertile ground for multifamily real estate investment.

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Commercial Mortgage-Backed Securities (CMBS)

Arbor offers CMBS financing for multifamily, office, retail, industrial, hotel and self-storage.

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Experience multifamily CMBS finance the Arbor way

Arbor’s commercial mortgage backed security expertise and experience has allowed us to build a loan platform for you with unique agility, flexibility and, above all, personalization. Arbor’s unique multifamily CMBS loan advantages include maximized leverage, rapid execution, personalized benefits of working with a true relationship lender and flexible options, including bridge-to-permanent CMBS loans, mezzanine and preferred equity financing.

  • CMBS Loan Program Term Sheet

    • LOAN AMOUNT

      $5,000,000 – $100,000,000

    • LOAN TERM

      10 years, 5 or 7 year term available in select instances.

    • AMORTIZATION

      25 year amortization for hotels; 30 year amortization for other property types with up to 10 years of interest-only available in select instances.

    • MINIMUM DSCR

      1.25x

    • MAXIMUM LTV

      Up to 70%-75% of appraised value depending on property characteristics.

    • INTEREST RATE

      Fixed rate throughout term and priced over corresponding swap rate.

    • ELIGIBLE PROPERTIES

      Office, retail, industrial, hospitality, self-storage, mixed-use, manufactured housing communities and multifamily.

    • ELIGIBLE MARKETS

      All U.S. markets.

    • ELIGIBLE BORROWER

      Special-purpose entity required.

    • RESERVES

      Taxes, Insurance and Replacement Reserves typically required.
      Tenant Improvement and Leasing Commissions typically required for commercial properties.

    • RECOURSE

      Non-recourse except industry-standard “bad act” carve-outs.

    • PREPAYMENT

      Typical 2 to 3 year lockout, defeasance or yield maintenance thereafter.

    • ASSUMABLE

      Permitted subject to lender approval and an assumption fee.

    • SECURITY

      First-lien mortgage.

    • EXPENSE DEPOSIT

      $50,000 expense deposit – adequate to cover third-party reports, legal fees and other customary costs.

    • ORIGINATION FEE

      None

    • IN-PLACE SUBORDINATE DEBT

      May be allowed in accordance with loan standards.

    • FUTURE SUBORDINATE DEBT

      May be allowed in accordance with loan standards.

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