Arbor Closes Eight West Coast Fannie Mae Deals Totaling $31.2M
UNIONDALE, NY (Oct. 1, 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 eight loans totaling $31,222,000 across California and New Mexico under the Fannie Mae Delegated Underwriting & Servicing (DUS®)Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® ARM 7-6™ and Fannie Mae DUS® Supplemental Loan product lines. These loans include:
- 570 Knollview Court, Palmdale, CA – This 144-unit multifamily property received $9,024,000 funded under the Fannie Mae DUS® ARM 7-6™ Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule. Amenities at Knollview Court include an in-ground, outdoor swimming pool, whirlpool spa, six laundry rooms and a gazebo.
- 1801-1825 Morton Avenue, Los Angeles, CA – This 66-unit multifamily property received $8,183,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is located on a meticulously landscaped site with low density, providing an uncommonly quiet and secluded feel for the market.
- Garden Estates Apartments, Ventura, CA – This 48-unit multifamily property received $3,700,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Garden Estates property is comprised of seven, two-story buildings and includes two laundry centers and a basketball court.
- Madison at Green Valley Apartments, Henderson, NV – This 88-unit multifamily received $3,600,000 funded under the Fannie Mae DUS® Loan product line. The five-year refinance loan amortizes on a 30-year schedule. Located six miles from McCarran International Airport and nine miles from the Las Vegas Strip, amenities at Madison at Green Valley include an in-ground swimming pool.
- Woodcrest Apartments, Las Cruces, NM – This 96-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Woodcrest Apartments property is comprised of eight, two-story buildings which lie on a 4.17-acre lot. Amenities include an outdoor swimming pool and barbecue area.
- 13260 Maclay Street, Los Angeles, CA – This 22-unit multifamily property received $1,335,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- Tuscany Villa Apartments, West Covina, CA – This 165-unit multifamily property received $1,280,000 funded under the DUS® Supplemental Loan product line. The nine-year equity loan amortizes on a 30-year schedule. Renovated in 2010, the two-building Tuscany Villa Apartments is located 20 miles outside downtown Los Angeles and includes two swimming pools, two laundry rooms, a fitness center and a barbecue area.
- The Arbors, Davis, CA – This 120-unit multifamily property received $1,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 15-year refinance loan amortizes on a 15-year schedule. The Arbors was renovated in 2011 and is primarily made up of tenants from the University of California, Davis. The property includes a fitness center and swimming pool surrounded by a sundeck.
All of the loans were originated by Greg Gillam, Director in Arbor’s Manhattan Beach, CA, office. “These loans are examples of Arbor and Fannie Mae’s effort to finance well-maintained properties that provide affordable market-rate housing throughout the California, Nevada and New Mexico rental markets,” Gillam said.
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® 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 $9.1 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.