Arbor Closes 6 Fannie Mae Deals Across Texas Totaling $46.5M
Uniondale, NY (01/26/2012)
Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of six loans totaling $46,491,700 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Multifamily Affordable Housing and Fannie Mae DUS® ARM 7-6 TM product lines across Texas. These loans include:
• Red Oak Town Village Apartments, Red Oak, TX – This 312-unit complex received $16,967,700 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Red Oak Town Village Apartments is a new, Class A property.
• South Lake Villas Apartments, Houston, TX – This 228-unit complex received $8,008,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. South Lake Villas has undergone several recent renovations.
• Madera Brookside, Arlington, TX – This 288-unit complex received $8,000,000 funded under the Fannie Mae DUS® ARM 7-6TM product line. The seven-year refinance loan amortizes on a 30-year schedule. The property recently underwent an extensive renovation and has benefitted from increasing rents and occupancy.
• Anderson Springs Apartments, Austin, TX – This 325-unit complex received $7,826,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
• Broadmoor Villa Apartments, Irving, TX – This 100-unit complex received $3,500,000 funded under the Fannie Mae DUS® Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The Broadmoor Villa Apartments are located near Dallas/Fort Worth International airport.
• Creekside Estates, Lufkin, TX – This 72-unit complex received $2,190,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. Creekside provides affordable housing within its market as part of the Low Income Housing Tax Credit program.
All of the loans were originated by Jay Porterfield, Vice President, in Arbor’s Plano, TX, office. “Each of these transactions involved extremely strong and experienced local borrowers, which helped make the loan approval process a success in each case, Porterfield said. “Furthermore, each of the assets is in excellent condition and benefits from substantial local market demand.”
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 and equity financing and servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® 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 $8.7 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.