Arbor Funds $4.1M FHA Loan in Terrell, TX
UNIONDALE, NY (September 12, 2018) – 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, recently funded an FHA 223(f) loan in Terrell, Texas.
Brownstone Apartments, a 107-unit multifamily property, received $4.1M in refinance funding under the FHA 223(f) loan program. The deal provides a fixed-interest rate for the entire length of the loan.
Stuart Gans of Arbor’s Dallas office originated the loan. “Arbor helped our client take advantage of the amazing benefits of the FHA refinance program for market-rate properties,” said Gans. “The borrower wanted a fixed-interest rate for the entire length of the loan, and needed funds for critical and noncritical repairs. The FHA refinance program was the perfect solution, offering advantages such as being nonrecourse and assumable.”
Built in 1963, Brownstone Apartments are located in a suburb east of Dallas and boast small-town living with big-city conveniences. On-site amenities include a community picnic area, playground, security system, and smoke-free areas.
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.
Brownstone Apartments – Terrell, Texas
Stuart Gans – Originator