Arbor Funds $28M New Construction Loan in Clearfield, UT
UNIONDALE, NY (June 13, 2017) – 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, has announced it has funded a $27,354,000 FHA 221(d) (4) loan for the new construction of Clearfield Station, a Class A, 216-unit multifamily building located in Clearfield, UT.
The multifamily construction project will be part of a larger 72-acre master-planned development adjacent to the Clearfield FrontRunner commuter rail station owned by the Utah Transit Authority (UTA). The developer has planned a mixed-use for the property including office and residential spaces, an industrial park, a school and a park, as well as parking to support the existing rail station.
The 24-month non-recourse construction loan converts to a 40-year self-amortizing permanent loan and was originated by Garth Davis, Senior Vice President, Western Regional Director, based in Arbor’s San Francisco office.
“This transaction is a reflection of Arbor’s growing FHA new construction platform and represents HUD’s mission of creating strong, sustainable communities through promoting transit oriented developments,” Davis said. “Our strong relationship with HUD’s San Francisco regional office led to a seamless and expedited transaction. The fact that we were able to close this transaction within 30 days of a HUD’s firm commitment is a true testament to Arbor’s deep level of expertise within the HUD financing arena.”
As an approved FHA Multifamily Accelerated Processing (“MAP”) Lender, Arbor’s FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis. Arbor also offers a unique “Bridge to HUD/FHA Exit” program. Effectively solving the timing issue associated with closing FHA loans, this program provides a bridge loan to facilitate quick acquisition financing. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate optimal terms for an FHA refinancing.
For over 20 years, Uniondale, NY-based Arbor Realty Trust, Inc. (NYSE: ABR) has been helping multifamily and commercial real estate clients achieve their financial goals by focusing on growing long-term relationships and conducting business as not simply another real estate lender, but a partner. We value our clients to such an extent that we’re more comfortable calling them partners, and their relationships with Arbor are the foundation of our business.
Founded by Chairman and CEO Ivan Kaufman, Arbor Realty Trust, Inc. is a real estate investment trust and direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Seller/Servicer and the Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge, Mezzanine and Preferred Equity lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of more than $14 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings. Arbor Realty Trust is externally managed and advised by Arbor Commercial Mortgage, LLC.