Arbor Funds $14M Fannie Mae DUS® Loan in Grand Rapids, MI
UNIONDALE, NY (January 28, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® Loan in Grand Rapids, MI. The Gateway at Belknap Apartments, a mixed-use multifamily property, received $14M in funding through the program.
Michael Jehle of Arbor’s Oklahoma office originated the loan.
“This repeat customer of Arbor came to us after stabilization of the property for permanent financing,” said Jehle. “We were pleased to provide a very attractive 15-year fixed rate loan with three years of interest only and a 30-year amortization schedule, exactly as the customer had requested. The Greater Grand Rapids Metropolitan Area is experiencing strong economic growth and development, and the subject property will enjoy high demand for many years in the future.”
Built in 2017, The Gateway at Belknap consists of retail space on the main floor and 88 apartment units within the three-story property. Offering studio, one-bedroom and two-bedroom options, the upscale residences include underground parking, an elevator, interior mail access, 24-hour cardio studios, emergency maintenance and electronic keyed entry.
The Gateway at Belknap Apartments are located in the Belknap Lookout neighborhood overlooking the Medical Mile, which includes Michigan State University’s College of Human Medicine, Spectrum Health’s downtown hospital campus and clinics, the Van Andel Research Institute, and Grand Valley State University’s Cook-DeVos Center for Health Sciences.
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.
The Gateway at Belknap Apartments – Grand Rapids, MI
Michael Jehle – Vice President, Originations