Arbor Funds $9.6M in FHA Financing for Puerto Rico Multifamily Portfolio
UNIONDALE, NY (Feb. 12, 2013) – Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the recent funding of three FHA-insured 223(f) loans in Puerto Rico totaling $9,551,000:
- Joanne Apartments, San German, PR – This 124-unit multifamily portfolio received a total of $4,080,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The high-rise apartment complex is located in San German, which was founded in 1573 and is the second-oldest settlement in Puerto Rico behind its capital, San Juan.
- Muneki Apartments, Aguadilla, PR – This 124-unit multifamily property received $3,512,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. Muneki Apartments is located adjacent to the Aguadilla Plaza shopping center along State Road 2 in the Corrales Ward of Aguadilla.
- San Luis Apartments, Ponce, PR – This 54-unit multifamily property received $1,959,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. San Luis Apartments is located in Ponce, the second largest city in Puerto Rico, on State Road No. 123, one of the most traveled roads in the city.
All of the loans were originated by Robert Mendeles, Structured Finance Originator in Arbor’s Englewood Cliffs, NJ, office through Arbor’s exclusive partner in Puerto Rico, Urban Holdings, LLC.
“The funding of this portfolio shows Arbor’s commitment to extending its expertise within the FHA multifamily lending market wherever our clients and partners do business,” said Joseph Donovan, SVP and Director of FHA Lending. “Arbor understands the great investment value inherent in underserved markets and the mission to preserve affordable rental housing in Puerto Rico.”
As an approved FHA Multifamily Accelerated Processing (“MAP”) Lender, Arbor’s FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis. Arbor also offers the unique “Bridge to HUD/FHA Exit” program. This program is designed to effectively solve the timing issue associated with closing FHA loans by providing a bridge loan to facilitate a quick closing on an acquisition. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate a maximum FHA refinance loan.
Arbor Commercial Mortgage, LLC is a national direct lender specializing in finance origination and loan servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender and a HUD-Approved LIHTC Lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $10 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.