Arbor Funds $4.2M Fannie Mae DUS® in Jackson, MS
UNIONDALE, NY (February 7, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® in Jackson, MS. The Carleton Senior Apartments, a 78-unit urban mid-rise complex, received $4.2M in funding through the program. The deal provides a 12-year term with a 25-year amortization period.
Matt Norman, of Arbor’s Bloomington office, originated the loan.
“Arbor was able to assist the client in accomplishing two goals with this transaction – freeing up additional trapped equity via the refinance, and converting the client from a shorter-term ARM loan to a longer-term fixed rate product,” Norman said. “The transaction was the finalization of a two-stage strategy, in which the shorter-term loan was used for acquisition, rehabilitation and restabilization. After the net operating income was maximized, the loan was successfully converted to a permanent Fannie Mae loan.”
Built in 1979, The Carleton Senior Apartments is a gated community for tenants 55 years and older. The complex features a swimming pool, central courtyard, covered parking, community center, 24-hour emergency on-call service and weekly social activities. The individual units include walk-in closets and large dining rooms with chandeliers, as well as fireplaces and screened porches in selected units.
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.
The Carleton Senior Apartments – Jackson, MS
Matt Norman – Vice President, Originations