Arbor Funds $16.5M Fannie Mae Small Loan Portfolio in Kentucky
UNIONDALE, NY (February 13, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a portfolio of Fannie Mae Small Loans in Kentucky. The nine properties, totaling 606 units, received $16.5M in combined funding through the program. All the deals included 10-year fixed rate terms.
Matthew Madacsi of Arbor’s New York City office originated the loan.
“This portfolio is a prime example of Arbor’s ability to finance stabilized multifamily properties nationwide,” said Madacsi. “Our Fannie Mae program provided our client, a prominent development group in the Western Kentucky area, the flexibility, structure and nonrecourse terms they needed.”
The portfolio includes the following properties:
Glenn Street Apartments, Paducah, KY: Built in 1968, this 54-unit property offers two-bedroom residences equipped with HVAC systems and washer/dryer hookups. The property is conveniently located next to shops and restaurants.
Ora Lane Apartments, Paducah, KY: Built in 1986, this 40-unit property is pet-friendly and provides furnished kitchens along with washer/dryer hookups. Master bedrooms include spacious balconies. The surrounding town is packed with colorful storefronts dating back to the previous century, which now serve as popular restaurants, specialty shops, art galleries and other small businesses.
Live Oaks Apartments, Murray, KY: Built in 1978, this 88-unit property offers 1-3 bedroom apartments with fully equipped kitchens. In addition, a laundry facility and community room are located on the property, which is 2.5 miles from Murray State University.
Black Oaks Apartments, Paducah, KY: Built in 1950, this 60-unit property offers beautiful townhouses with fully equipped kitchens, HVAC systems and washer/dryer hookups. The property is in close proximity to Kentucky Oaks Mall, West Kentucky Community & Technical College, and area hospitals.
Cardinal Point Apartments, Paducah, KY: Built in 1953, this 84-unit property offers on-site laundry facilities and air conditioning. The property is located near Noble Park and is a short drive from Kentucky Oaks Mall and West Kentucky Community & Technical College.
Colony Drive Apartments, Paducah, KY: Built in 1970 and located in a quiet country setting, this 104-unit property is pet-friendly and offers 1-3 bedroom residences. Community amenities include a picnic area.
Jordan’s Crossing Apartments, Paducah, KY: Built in 2016, this 24-unit property offers townhomes with fully equipped kitchens. The property is pet-friendly and in close proximity to shops and restaurants.
Willow Oaks Apartments, Paducah, KY: Built in 1973, this 72-unit property offers 1-3 bedroom residences and includes an on-site laundry facility. It is conveniently located near Noble Park.
Red Oaks Apartments, Murray, KY: Built in 1978, this 80-unit property offers 1-2 bedroom apartments with fully equipped kitchens, as well as an on-site laundry facility.
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.
Matthew Madacsi – Originations