Arbor Funds $79.6M Freddie Mac Conventional Portfolio in VA
UNIONDALE, NY (October 28, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac Conventional portfolio in Virginia. The three loans, totaling $79.6M, received acquisition funding with 10-year terms.
Jason Scott of Arbor’s Atlanta office originated the loans.
“These transactions reflect our in-depth knowledge of local multifamily markets,” Scott said. “As trends point to increased demand for suburban living, we enjoy working with sophisticated clients who are expanding into lower density markets that offer growth potential, while providing beautiful and comfortable spaces, which people are proud to call home.”
Chesapeake Bay Apartments in Newport News, VA, received $28.2M. Built in 1987, the 300-unit, three-story complex was renovated in 2019. With landscaped grounds, the property features furnished one- and two-bedroom units with balconies and patios, a dog park, fitness center, pool, playground and tennis courts.
Just a 15-minute drive to Richmond, Hanover Crossing in Mechanicsville, VA, received $26.7M. Built in 1987 and renovated in 2019, this two-story, 220-unit property offers spacious apartments with private balconies and patios. Amenities include a swimming pool, picnic area and tennis, volleyball and basketball courts.
Located in Richmond, VA, Wilde Lake received $24.7M. Built in 1989 and renovated in 2019, the complex offers one- to three-bedroom units with lake access for residents. In addition to a business center, a carwash and catering kitchen, the community features a clubhouse, fitness center, pool and tennis courts.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, 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.
Chesapeake Bay – Newport News, VA
Hanover Crossing – Mechanicsville, VA
Wilde Lake – Richmond, VA
Jason Scott – Regional Managing Director, Southeast