Arbor Funds $42.8M in Fannie Mae and Bridge Deals Nationwide
UNIONDALE, NY (June 6, 2012) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight Multifamily loans totaling $42,830,200 under Arbor’s Fannie Mae Delegated Underwriting & Servicing (DUS®)Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® Military Housing Loan, Fannie Mae DUS® Dedicated and Traditional Student Housing Loan and Arbor Bridge loan product lines across the country. These loans include:
- Brannigan Village Apartments, Winston-Salem, NC – This 254-unit property received $12,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Brannigan Village includes an in-ground swimming pool facility, a tennis court facility and playground.
- Wilshire Park Apartments/Wilshire Landing Apartments, Wilmington, NC – This 96-unit dedicated student complex received $8,500,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The two properties were built in 2009 and 2011 to serve the University of North Carolina Wilmington. Along with an onsite in-ground swimming pool, each apartment includes a washer, dryer and 42-inch flat screen television.
- Birchfield at Millstone, Fayetteville, NC – This 60-unit property received $5,000,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Birchfield at Millstone is a new property completed in 2011 and its amenities include a fitness center and resort-style swimming pool area with a sundeck and clubhouse.
- Indigo Pines Apartments, Daytona Beach, FL – This 240-unit property received $5,720,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Amenities at Indigo Pines include a fitness center and swimming pool.
- Marina Vista Apartments, Daytona Beach, FL – This 192-unit property received $3,000,000 funded under the Fannie Mae DUS® Student Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Marina Vista Apartments serves nearby Daytona State College and Bethune Cookman University. The property has undergone recent significant renovations, and its amenities include a picnic area with barbeque grills, a playground and in-ground swimming pool.
- A 101-unit property in San Antonio, TX, received a $2,884,000 acquisition loan with a two-year term funded under the Fannie Mae Bridge Loan product line.
- Whitney Manor Apartments, Hartford, CT – This 58-unit property received $2,426,200 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Whitney Manor has undergone extensive renovations in the past few years, adding a new central hot water system, unit appliances as well as new exterior paint and siding.
- Lynn Portfolio, Lynn, MA – This 53-unit complex received $2,400,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The Lynn Portfolio is centrally located only nine miles north of Boston.
All of the loans were originated by John Edwards, Vice President in Arbor’s Boston, MA, office. “As evidenced by this wide variety of transactions, Arbor provides a tremendous diversity of loan products wherever our clients do business.” Edwards said. “Of course, with the Multifamily market currently outperforming other asset classes, Arbor has made sure it is there for its clients in a variety of ways as they seek to take advantage of current fundamentals. This speaks to our greater personal commitment to each and every client.”
Founded by Chairman and CEO Ivan Kaufman and Arbor Commercial Funding, LLC arenational direct lendersspecializing in the origination of debt and equity financing and servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily lender and an FHA Multifamily Accelerated Processing (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $9.0 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com