Arbor Funds $4.6M Fannie Mae DUS® Loan in Bettendorf, IA
UNIONDALE, NY (April 18, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® deal in Bettendorf, IA. The Townhomes at Highland Pointe, a 24-unit multifamily property, received $4.6M in refinance funding through the program. The loan includes a 30-year fixed-rate term with an 80% LTV ratio.
Michael Noll of Arbor’s New York City office originated the loan.
“This was a beautiful property in a great part of town,” said Noll. “We were able to take out the existing construction debt with a long term nonrecourse loan while removing all refinance risk at a very attractive interest rate.”
Built in 2018, The Townhomes at Highland Pointe offer spacious, three-bedroom units equipped with two oversized attached garages, covered decks, granite counter tops, and stainless steel appliances with luxury finishes. Additionally, each townhome features its own in-unit washer and dryer. The Townhomes at Highland Pointe are conveniently located near several major highways, providing easy access to shopping areas or a routine commute to work and are just steps away from the Highland Bike Path.
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 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.
The Townhomes at Highland Pointe – Bettendorf, IA
Michael Noll – Originations