Arbor Funds First FHA-Insured Loan with HUD’s New Multifamily Documents
Uniondale, NY (01/03/2012)
In the wake of the U.S. Department of Housing and Urban Development’s implementation of new closing documents for its Federal Housing Administration (FHA) Multifamily mortgage insurance program, Arbor Commercial Mortgage, LLC has announced it has funded the nation’s first FHA-insured loan with HUD’s new multifamily loan documents.
Arbor, a national, direct commercial real estate lender, provided the $18,000,000 FHA-insured 223(f) loan for the refinancing of College Towne West Apartments, a 532-unit, market-rate apartment complex in Lansing, MI. It was a 34-year fully amortizing loan.
“In the third quarter, HUD made substantial changes to its multifamily loan documents and Arbor was pleased to have been the first FHA Multifamily Accelerated Processing (MAP) lender in the country to close an FHA-insured loan in conjunction with the new documents,” said Joseph Donovan, Arbor’s Senior Vice President and National FHA Director. “We had experienced and capable transaction participants on both the borrower and HUD sides, resulting in a seamless closing and successful outcome.”
College Towne West Apartments benefits from the fundamental strength of the Lansing, MI, multifamily market, as it feeds the housing demands of Michigan State University as well as state capital employees. As a result, the property has a student concentration of approximately 70 to 75 percent.
Originating the loan for Arbor was Michael Jehle, Midwest Regional Director, in Arbor’s Bloomfield Hills, MI, office. “In a state in which many sources of funding will not often participate these days, Arbor was able to provide extremely attractive loan terms and proceeds for our repeat borrower in this deal,” Jehle explained. “Arbor was pleased to participate as the FHA Multifamily Accelerated Processing lender in this transaction.”
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in the origination of debt and equity financing and servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $8.4 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.