Arbor Funds 14 FHA Loans for $180.3M Across Eight States in the U.S.
UNIONDALE, NY (October 15, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently closed several FHA transactions totaling nearly $200M across the U.S. The loans, which span from Texas to Michigan, consist of refinance and new construction executions.
“As we continue to grow our FHA platform, this recent volume of funding speaks to the capabilities of Arbor’s dedicated FHA Lending Group and demonstrates our commitment to executing loans that advance workforce housing and energy-efficient properties,” said John Caulfield, Chief Operating Officer, Agency Lending. “We are pleased to support our clients’ financial needs in this low interest rate environment through our diverse suite of FHA-insured products to help them achieve their individual investment goals.”
Details of the Transactions
Two properties received new construction financing each with a 40-year term through the FHA 221(d)(4) program:
Dolce Vita in Granbury, TX, received $24.7M. When the multifamily property opens in 2021, it will consist of 145-units with granite countertops, stainless steel appliances and walk-in closets. The gated-community will also include a pet play area, fitness center, courtyard and Zen Garden.
Odyssey at Laurel Island in Kingsland, GA, received $23.4M. The complex will feature 192-units once construction is completed.
Three additional properties received refinancing through FHA’s Interest Rate Reduction program:
Inverness Apartments in Hutchinson, KS, received $4M with a slightly more than 33-year term. The 54-unit pet-friendly property is across the street from the Fair Grounds Park, which features tennis courts, a playground and splashpad. Entertainment and restaurants are nearby.
Carriage Hill East Apartments in East Lansing, MI, received $13.3M with a 33-year term. The community offers one- and two-bedroom apartments and two- and three-bedroom townhomes with walk-in closets and central air-conditioning. A resort-style swimming pool and playground are available for residents.
Austin Heights in Waterbury, CT, received $4.6M with a 22-year term. The low-income housing complex includes one-, two-, three- and four-bedroom options.
A property in Utah received refinancing through the FHA 223(a)7 program:
Clearfield Station in Clearfield, UT, received $27.3M with a 40-year term. Built in 2018, the 216-unit complex includes one-, two- and three-bedroom options with private balconies and patios. The property features a fitness center, pool, playground and courtyard.
Eight properties received refinancing, with 35-year terms through the FHA 223(f) program:
717 Indiana Court in El Segunda, CA, received $22.5M. The multifamily property is pet-friendly and includes a pool. Local transit and retail shopping are within walking distance.
Lake Forest Apartments in Norton Shores, MI, received $18.4M. The pet-friendly multifamily property is comprised of one-, two- and three bedroom floorplans with granite kitchen countertops and walk-in closets. Muskegon County Airport is a short driving distance away.
Alpine Slopes Apartments in Comstock Park, MI, received $16.8M. The apartment community offers one- and two-bedroom units with wood-burning fireplaces and cathedral ceilings. The pet-friendly property features an indoor swimming pool, large playground and business center.
3435 Artesia Blvd. in Torrance, CA, received $12.9M. The multifamily complex features hardwood floors and a courtyard. It is conveniently located with retail shopping nearby.
Summerhill Estates in Lansing, MI, received $7M. The 128-unit property offers one- and two-bedroom luxury apartments with gas fireplaces, vaulted ceilings and walk-in closets. The community includes a fitness center, clubhouse and picnic area. Local shopping is nearby.
Live Oak Villas in George West, TX received $2M. Built in 2004, the 48-unit low-income housing complex includes one, two-, and three-bedroom floorplans.
Woodsview Apartments in Henderson, KY, received $2M. Built in 1978, the two-story complex includes one to four bedroom units with eat-in kitchens. The property features a playground, tennis court, walking and hiking trials, and courtyard.
Sisson Manor in Owensboro, KY, received $1.4M. The 200-unit community features walk-in closets and a clubhouse. Retail shopping is less than a mile away.
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.