Arbor Funds $14.6M FHA Loan in Newport News, VA
UNIONDALE, NY (October 2, 2018) – Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets, recently funded an FHA 221(d)(4) loan in Newport News, VA.
The Soundview property, located at 827 41st Street, received $14.6M through the FHA 221 (d)(4) loan program for substantial rehabilitation costs. The complex, built in 1969, is comprised of 42 individual buildings totaling 250 units. The deal comes with a 40-year fixed term.
Alexander Kaushanksy of Arbor’s New York office originated the loan. “By Arbor guaranteeing FHA-insured, long-term, fixed-rate financing, the borrower will be able to fund a significant rehabilitation of the property, which will include a number of modern amenities for indoor and outdoor use,” said Kaushansky. “These enhancements not only impact the value of the property, but they impact the quality of life of the residents.”
The rehabilitation will include a two-level amenity building that features a community clubroom; cyber cafe bar; fitness facility; and a business and conference center. It will also offer a resort style swimming pool with surrounding sundeck, outdoor grill area, detached garages and open-surface parking spaces.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in Fannie Mae, Freddie Mac and other government-sponsored enterprises, as well as CMBS, bridge, mezzanine and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and flexibility, and dedicated to providing our clients excellence over the entire life of a loan.
Soundview Complex – Newport News, VA
Alexander Kaushansky – Vice President, Originations