Arbor Funds $1.7M Fannie Mae Small Loan in Bloomington, IN
UNIONDALE, NY (December 12, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Small Loan in Bloomington, IN. The deal received $1.7M in financing through the program, with a 10-year fixed rate, one-year of interest only payments, and a 30-year amortization schedule.
Matt Norman of Arbor’s Bloomington, Indiana, office originated the loan.
“When financing opportunities, and thus the acquisition window, looked slim due to parceling issues, Arbor stepped in and coordinated with Fannie Mae to structure a permanent loan, at an attractive rate that met the buyer’s return estimates,” Norman said. “The transaction also represented the first partnership between Arbor’s Central Indiana office and Alec Neesham of Marcus and Millichap Capital Corporation’s Indianapolis office.”
The Beacon Hill Townhomes and Chestnut Hill Apartments were built in 1993. The 15-unit complexes are conveniently located near downtown Bloomington and within close proximity of shopping, recreation and Indiana University at Bloomington.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.
Beacon Hill Townhomes
Chestnut Hill Apartments
Matt Norman – Vice President, Originations