Arbor Funds $7.4M Fannie Mae ARM 7-6™ Loan in Orange Park, FL
UNIONDALE, NY (October 15, 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 a Fannie Mae Adjustable Rate Mortgage (ARM) 7-6™ Loan in Orange Park, FL.
Woods of Filmore Apartments, a condo deconversion consisting of 200 rentable units, received $7.4M in acquisition funding through the Fannie Mae ARM 7-6 program. The loan is structured as a Tier II ARM with a seven-year term and a 30-year amortization schedule.
Michael Noll of Arbor’s New York City office originated the loan. “In this transaction we were able to use the loan product as a low cost bridge loan for the client to consolidate and rehab a fractured condo community,” said Noll. “The loan has a one year lockout followed by a 1% prepay that will afford the client the flexibility to sell or refinance at a low cost. Additionally, the loan included funds for capital improvements at a rate that was almost 2% lower than market bridge rates.”
Located just south of Jacksonville along the St. Johns River, Woods of Filmore Apartments features spacious apartments, all of which are corner units, as well as amenities including an outdoor swimming pool, waterscape, leasing center, barbeque area with gazebo, a playground, and ample parking.
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.
Woods of Filmore Apartments – Orange Park, FL
Michael Noll, Originations