Articles

FHA Multifamily Case Study: Closing Loans Amid Uncertainty

In times of volatility, it pays to have support from a team willing to go the extra mile. Whether it’s meeting tight deadlines or ensuring all requirements are met, Arbor’s Federal Housing Administration (FHA) Underwriting department remains committed to helping borrowers secure loans that expand rental housing opportunities for Americans.

Analysis

Top U.S. Multifamily Rent Growth Markets — Q4 2024

The U.S. multifamily market held steady in a more normalized cycle during the third quarter of 2024. Rental demand remained strong, while new leaders emerged among the top markets for rent growth.

Articles

CREFC Miami 2025: Young Professionals Network Fosters Career Growth

Networking and attending industry conferences to learn trends and insights are among the most advantageous ways young commercial real estate finance professionals can advance in their careers. This year, Gabriel Rondon, Analyst, Structured Asset Management at Arbor and a CRE Finance Council (CREFC) Young Professionals Network member, was selected as one of the network’s ambassadors at CREFC Miami, giving him a golden opportunity to expand his professional horizons.

Articles

The Single-Family Rental Sector Returns to Growth Mode

Although the single-family rental (SFR) sector’s profile expanded after the 2007-2010 subprime mortgage crisis, the number of its households slid between 2016 and 2020 as many rentals transitioned into owner-occupied homes. Following a period of pandemic-related uncertainty, SFR has returned to growth mode, increasing its number of households for the second time in three years.

Investment

Special Report Spring 2025: Optimism on the Rise

Arbor’s Special Report Spring 2025, developed in partnership with Chandan Economics, covers the state of the U.S. rental housing market on the cusp of a new cycle. After a year of steady growth, favorable trends put wind in the sector’s sails, giving rise to budding optimism. With the economic landscape shifting, the rental housing market’s resilient performance in 2023 and 2024 provides a solid foundation for continued growth.

Analysis

Affordable Housing Market Snapshot — Winter 2024-2025

Continually challenged by low inventory, affordable housing sits at a crossroads following the 2024 election. Incoming leadership plans to introduce market-based principles to an agenda that may also include an expanded Housing Choice Voucher program.

Articles

How Lifecycle Commercial Loan Servicers Enhance Multifamily Borrowing

A loan closing is only the beginning of the borrower-lender relationship. Partnering with a lifecycle lender that also services its loans gives borrowers continuity from origination through servicing. Throughout the life of the loan, borrowers can benefit from in-house commercial loan servicers’ tailored solutions and superior customer service, which are hallmarks of a strong long-term partnership.

Articles

Lifestyle Renters Put a New Spin on The American Dream

Four in 10 renters in large multifamily apartment communities do not envision homeownership as a part of their American Dream, a survey by Entrata recently found. Instead, lifestyle renters opt for newly constructed, high-quality rental housing with many of the typical amenities of homeownership without its traditional downsides.

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Home | Our Team | Noah Passage

Noah Passage

Associate, Sales
Noah Passage headshot
Noah Passage provides assistance with originations of various loan products across Arbor’s platform, including Fannie Mae, Freddie Mac, FHA, SFR, Bridge, CMBS, Mezzanine and Preferred Equity transactions. He joined Arbor in 2019 as an Agency Production Associate, and was promoted to Associate, Sales in 2022.

Mr. Passage has more than nine years of real estate industry experience. Prior to Arbor, he served as a Portfolio Analyst at Berkadia for their proprietary lending group. Before joining Berkadia, he monitored the credit performance of a portfolio of Commercial Mortgage-Backed Securities for KBRA. Earlier in his career, he worked in acquisitions for a multifamily owner and operator. Mr. Passage is well-versed in the transaction lifecycle and has extensive experience in underwriting, financial modeling, and credit analysis.

Mr. Passage earned a Bachelor of Business Administration in Finance from Temple University’s Fox School of Business.

[email protected] | 717.468.8781
Conshohocken, PA

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