Arbor Funds $34.5M Fannie Mae MAH Green Rewards Loan in Jacksonville, FL
UNIONDALE, NY (December 10, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Multifamily Affordable Housing (MAH) Green Rewards loan in Jacksonville, FL. The 444-unit property received $34.5M in refinancing with a fixed 12-year term, two-years of interest only payments, followed by a 30-year amortization schedule.
Garth Davis of Arbor’s San Francisco office originated the deal.
“This transaction highlights Arbor’s ability to find customized financial solutions for our borrowers,” Davis said. “We provided competitive bridge-to permanent acquisition funding which allowed our sponsor to reposition the property in the market and subsequently secure a Green Fannie Mae take-out, which maximized proceeds and provided a lower interest rate. In addition to helping our client reach their financial goals, tenants of the property received support from Arbor’s Rental Assistance Program (ARAP), an innovative collaboration, between Arbor and its borrowers to ease the financial burden of residents severely impacted by COVID-19.”
Located in the heart of Jacksonville, FL, Topaz Villas includes two-bedroom townhomes and one to three bedroom apartments with walk-in closets and storage space. The pet-friendly multifamily affordable housing complex was built in 1972 and features a fitness center, pool, playground and dog park.
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.
Topaz Villas – Jacksonville, FL
Garth Davis – SVP, Western Regional Director