Arbor Funds $4M Fannie Mae DUS® Loan in Houston, TX
UNIONDALE, NY (April 15, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® loan in Houston, TX. Ashford Court Apartments, a 442-unit multifamily property, received $4.M in supplemental funding through the program. The loan features a seven-year term with four-year yield maintenance and a 30-year amortization schedule.
Matt Norman of Arbor’s Bloomington, Indiana, office originated the loan.
“This loan was a prime example of how Fannie Mae’s supplemental program rewards a borrower’s efforts to improve a property’s condition and maximize net operating income by releasing trapped equity on a longer term hold,” Norman said. “In the end, the client received a 75% LTV, co-term debt product without being subjected to any prepayment penalties.”
Built in 1983, Ashford Court Apartments offer spacious one- and two-bedroom units equipped with breakfast bars, granite countertops and wood-burning fireplaces, as well as private patio and balcony options. Community amenities include a swimming pool, 24-hour fitness center, clubhouse with full kitchen and business center, as well as tennis and volleyball courts.
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.
Ashford Court Apartments – Houston, TX
Matt Norman – Vice President, Originations