Arbor Funds $9.6M Fannie Mae MAH Portfolio in Baton Rouge, LA
UNIONDALE, NY (February 27, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae MAH loan portfolio in Baton Rouge, LA. The three properties, totaling 248 units, received $9.6M in funding through the program. The loan provides a 10-year fixed rate term with 9.5-year yield maintenance, and a 30-year amortization schedule.
Austin Walker of Arbor’s New York City office originated the loan.
“With this deal, we were able to provide a cross-collateralized, nonrecourse loan for three properties well situated in Louisiana’s capital city,” Walker said. “We worked with first-time sponsors and were able to structure an innovative, customized deal providing refinancing for one property and acquisition funding for the other two purchases.”
Pelican Bay Apartments: Built in 2001 and comprised of 152 units, this property offers on-site maintenance, a playground and beautifully furnished interiors. Pelican Bay is also close to three area colleges including Louisiana State University; Southern University and A&M College; and Baton Rouge Community College.
Howell Place: Built in 2002, this 48-unit property features a clubhouse, on-site maintenance and apartments with walk-in closets and washer/dryer hookups. Howell Place was built in part with financing obtained through the Low Income Housing Tax Credit (LIHTC) program and provides apartments for low-income households through Section 8 Housing Choice Vouchers.
Pirates Bend: Built in 2002, this property has 48 units and offers one to four bedroom floorplans. The community offers a clubhouse, lounge, and a fitness center. Pirates Bend is located close to neighborhood parks and the Baton Rouge Metropolitan Airport.
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.
Austin Walker – Originations