Arbor Closes Six Texas Fannie Mae Deals Totaling $33.5M
UNIONDALE, NY (Aug. 6, 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 $33,466,000 across Texas under the Fannie Mae Delegated Underwriting & Servicing (DUS)® Loan and Fannie Mae DUS® Affordable Housing Loan product lines. These loans include:
- Park Village Apartments, Dallas, TX – This 350-unit multifamily property received $12,264,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Park Village Apartments has undergone significant renovations recently, adding new roofing, carpeting and appliances.
- San Carlos Apartments, Dallas, TX – This 153-unit multifamily property received $5,500,000 funded under the Fannie Mae DUS® Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The property has undergone significant renovations since its acquisition in 2007 and is centrally located within the city of Dallas.
- Windsor Park Rental Homes, Fort Worth, TX – This 50-unit multifamily property received $4,180,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property was built in 2010 and contains single-family units in excellent condition, each complete with a two-vehicle garage and individual patios.
- Gardenview Apartments, Pasadena, TX – This 309-unit multifamily property received $4,122,000 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes two in-ground swimming pools.
- Meadow Park Townhomes, Hewitt, TX – This 122-unit multifamily property received $4,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was acquired in 2001 and has since undergone significant renovations. Meadow Park includes a pool and patio deck and barbeque picnic areas.
- Ridgeview Apartments, Sherman, TX – This 140-unit multifamily property received $3,400,000 funded under the Fannie Mae DUS® Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The property has undergone significant recent renovations. Amenities at Ridgeview include a swimming pool, sand volleyball court and basketball court.
All of the loans were originated by Anthony Tarter, Director in Arbor’s Dallas, TX, office. “Arbor’s widespread presence in the Texas multifamily real estate lending market proves we have the ability to deliver loan products that perfectly suit our clients’ needs wherever they do business,” Tarter said. “The relationship formed with each property’s borrower reinforces our business partnerships and commitment to providing unmatched personal service deal after deal.”
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.