Arbor Funds 7 FHA Deals Totaling $87.6M from Hawaii to Virginia
UNIONDALE, NY (Dec. 5, 2012) – Meeting the robust demand for multifamily financing through the FHA’s mortgage insurance programs, Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the recent funding of seven loans totaling $87,618,800 under several FHA financing product lines from Hawaii to Virginia.
- Hale Pauahi Apartments, Honolulu, HI – This 396-unit multifamily property received $11,816,600 funded under the FHA 223(a)(7) product line. The 17-year refinance loan amortizes on a 17-year schedule. The property is located in downtown Honolulu and consists of apartment units with sizes ranging from studio to three-bedroom.
- Chester Village Green, Chester, VA – This 137-unit multifamily property received $11,019,000 funded under the FHA 223(a)(7)product line. The 40-year refinance loan amortizes on a 40-year schedule. Amenities at Chester Village Green include a clubhouse, a fitness center, a swimming pool, a tennis court, garage parking and a playground.
- Haven Pointe Apartments, West Haven, UT – This 192-unit multifamily property received $10,725,000 funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. Amenities at Haven Pointe include a clubhouse, a fitness center, a swimming pool, a basketball court, storage areas and a playground.
- Glenwood Apartments, East Lansing, MI – This 138-unit multifamily property received $8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. This garden-style property primarily markets to students from nearby Michigan State University.
- Penny Lane Apartments, Ruston, LA – This 72-unit multifamily property received $5,229,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The newly constructed property serves a large student and faculty population, with an estimated 45 percent of residents being students from Louisiana Tech University and Grambling State University.
- Ellsworth Square Apartments, Salem, OR – This 72-unit multifamily property received $2,664,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Ellsworth Square is located approximately two miles northeast of downtown Salem and consists of nine two-story residential buildings.
- Multifamily Asset, Chester, VA – This 322-unit multifamily property received $38,005,200 funded under the FHA 223(a)(7)product line. The 40-year refinance loan amortizes on a 40-year schedule. The property is a three-story, garden-style apartment community situated on a 31.34-acre property featuring a clubhouse, 24-hour fitness center, swimming pool, tennis court, billiard lounge and playground.
“This portfolio of loans, financed across the country, once again demonstrates the capabilities of Arbor’s FHA Lending Group,” said Joseph Donovan, Arbor’s Senior Vice President, Director of FHA Lending. “This established FHA platform has allowed us to meet our long-time clients’ increasing demand for FHA financing wherever they do business across the country.”
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in the origination of debt financing and servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender and an FHA Multifamily Accelerated Processing (MAP) Lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $9.6 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com.