Arbor Funds $38.6M Fannie Mae DUS® Loan in Norcross, GA
UNIONDALE, NY (February 20, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Norcross, GA. Fields at Peachtree Corners, a 490-unit multifamily luxury property, received $38.6M in funding through the program. The deal provides a 12-year fixed rate term with a 6-year interest only period, and a 30-year amortization schedule.
Stephen York, of Arbor’s New York City office, originated the loan.
“We were pleased to provide aggressive high-leverage financing, along with an attractive rate and maximum I/O, for our client,” York said. “The property was recently renovated thanks to a $3M capital improvement plan. The new sponsors are planning continued renovations for more than 100 units and exterior enhancements to boost curb appeal. This will help the property remain well situated in the highly competitive Peachtree Corners submarket.”
Built in 1973, the apartment complex offers deluxe in-house features including granite countertops; oversized walk-in closets; washer/dryer connections; central heating and air; and private patios and balconies. The community amenities include a state-of-the-art fitness center, Olympic-sized swimming pool, tennis and volleyball courts, a soccer field, resident clubhouse, playground, and picnic area with barbecue.
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.
Fields at Peachtree Corners – Norcross, GA
Stephen York – Vice President, Originations