Arbor Funds $160.7M in Fannie Mae Loans Across U.S.
UNIONDALE, NY (October 27, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently closed more than a dozen Fannie Mae transactions totaling $160.7M across the U.S. The acquisition and refinance loans support multifamily properties in the high-growth metros of Seattle and Atlanta, but also encompass other locations such as State College, PA, and Neptune, NJ.
Ari Short of Arbor’s New York City office originated the loans.
“It’s been incredible to partner with Fannie Mae during these uncertain times,” Short said. “Knowing we can offer a reliable product and certainty of execution has allowed us to give our clients exactly what they need: great terms, quick process and flexibility. I’m proud to be a Fannie Mae partner and happy to help our borrowers secure their properties for the next 10 plus years.”
Here are details of the transactions:
Funding through Fannie Mae MAH program
Colonial Square in Atlanta, GA, received $6M in refinancing in the second quarter of 2020. Built in 1966, the gated community is comprised of two- and three-bedroom townhomes and features a pool, playground and clubhouse.
The following properties received funding through Fannie Mae DUS ® program
Chamberlayne Avenue portfolio in Richmond, VA, received $32.2M in acquisition financing in the third quarter of 2020. The 405-unit, multifamily complex is a short driving distance from downtown.
Andante Apartments in Seattle, WA, received $13.1M in refinancing in the third quarter of 2020. The multifamily property was built in 1965 and renovated in 2017. It includes studio, one- and two- bedroom rentals with outdoor balconies or patios.
Villas Downtown in Springfield, IL, received $9.3M in refinancing in the third quarter of 2020. The modern, spacious apartments allow for both conventional year leases as well as student leases with rentals by the semester. In addition to community meeting areas, the property provides concierge service and on-site maintenance.
Lions Gate Apartments in State College, PA, received $14.6M in acquisition financing in the third quarter of 2020. The property offers both furnished and unfurnished studios, and one- and two-bedroom units. It is near to Penn State University.
1350 Mayson Turner Rd. in Atlanta, GA, received $6M in refinancing in the third quarter of 2020. The newly renovated property is comprised of 84-units. Local shopping and public transportation are nearby.
The Cincinnati Portfolio in Cincinnati, OH, received $12.2M in refinancing in the fourth quarter of 2020. The University of Cincinnati, Cincinnati State Technical and Community College and the College of Mount St. Joseph are a short driving distance away.
Across the country on the East Coast, in Brooklyn, NY, 180 Scholes St. received $16M in refinancing in the fourth quarter of 2020. Located in Williamsburg, the three-floor structure was built in 2009 and has 34 units. In addition to the neighborhood cafes, art, music and boutiques, the property offers larger spaces compared to similarly priced apartments in Manhattan and is close to public transportation.
Orchard Estates in Mattydale, NY, received $18.2M in refinancing in the third quarter of 2020. Close to downtown Syracuse, the complex offers two- and three-bedroom apartments surrounded by natural beauty and amenities that include a swimming and wading pool, picnic area and nature trails.
Harlee Gardens in Neptune City, NJ, received $6.9M in refinancing in the third quarter of 2020. The 64-unit property is near to public transportation. Retail shopping and Monmouth University are in close proximity.
Stratford Gardens in Neptune, NJ, received $7M in refinancing in the third quarter of 2020. The 50-unit multifamily home is less than a mile away from Gables Elementary School, Neptune Middle School and Neptune High School.
Neptune Gardens in Neptune, NJ, received $9.2M in refinancing in the third quarter of 2020. The newly renovated property offers 160-units with hardwood floors and eat-in kitchens. Brookdale Community College is a short driving distance away.
245 Sumner Street in East Boston, MA, received $10M in refinancing in the second quarter of 2020. The newly constructed multifamily building features two- and three-bedroom apartments, with two full bathrooms. It is within walking distance of entertainment, recreational activities, shopping and dining.
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.
245 Sumner St. – East Boston, MA
Orchard Estates – Mattydale, NY
Chamberlayne Avenue – Richmond, VA
180 Scholes St. – Brooklyn, NY
Ari Short – VP, Originations