Arbor Finances $35.7M in Midwest Multifamily Deals
UNIONDALE, NY (July 14, 2014) – 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 10 loans totaling $35,685,000 under several of the company’s financing solutions, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS Small Loan, Fannie Mae DUS Dedicated Student Housing Loan, Fannie Mae DUS Cooperative Loan and FHA product lines. These loans include:
All of the loans were originated by Michael Jehle, Vice President in Arbor’s Bloomfield Hills, MI, office. “The multifamily industry continues to remain the most sought after investment class in real estate and nearly all markets are seeing improving fundamentals, including Michigan, where there has been a high amount of interest from investors,” he said. “As a national lender with expertise throughout the country, Arbor was able to provide the diverse financing and personal service our clients required in these most recent funding transactions.”
Americana on the River Apartments, East Lansing, MI – Serving Michigan State University students, this 90-unit multifamily property received $7,920,000 funded under the Fannie Mae DUS Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Each of the buildings on the property includes a community laundry room. A fitness center and a tanning room are also available in a central location on the property.
Michigan Portfolio (Tree Top Meadows, Peppertree Park, Maple Road Townes) – These combined 190-unit multifamily properties received $6,850,000 funded under the Fannie Mae DUS Loan product line. The 12-year refinance loans amortize on a 30-year schedule.
Bloomfield Hills Townhouses Cooperative, Pontiac, MI – This 283-unit multifamily property received $5,650,000 funded under the Fannie Mae DUS Cooperative Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Lexington Apartments, East Lansing, MI – This 84-unit multifamily property received $4,000,000 funded under the FHA Section 207/223(f) Loan product line. The 35-year refinance loan amortizes on a 35-year schedule. The property includes an in-ground swimming pool with a tanning deck, a sand volleyball court, common laundry rooms in most of the buildings and on-site parking.
Haslett Arms Apartments, East Lansing, MI – Serving Michigan State University students, this 41-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property has one central laundry/facility for all residents.
Northcrest Apartments, Riverside, MO – This 151-unit multifamily property received $3,150,000 funded under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes an on-site leasing office; an outdoor, above ground swimming pool with a sun deck; laundry facilities in each building; tenant storage; and a playground.
Greenway Villas Apartments, Raymore, MO – This 51-unit multifamily property received $2,980,000 funded under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
Rowanoake Apartments, Streetsboro, OH – This 116-unit multifamily property received $2,135,000 funded under the Fannie Mae DUS Small Loan product line. The 15-year refinance loan amortizes on a 15-year schedule. The complex has a central laundry center for all residents.
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily and other diverse commercial real estate assets. Arbor is a 2013 Top 10 Fannie Mae DUS® Multifamily Lender by volume, a Freddie Mac Program Plus® Seller/Servicer, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge and Mezzanine lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of more than $10 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s and holds an Above Average rating from 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.