Arbor Originates $35.95M FHA 223(f) Takeout for Multifamily Refinance in Houston, TX
UNIONDALE, NY (March 1, 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, announced the recent funding of a $35,950,000 FHA 223(f) refinancing for Nottingham Village, a 317-unit multifamily property located in Houston, TX.
Ronen Abergel, Vice President, Originations at Arbor Realty Trust, arranged financing for the property. The FHA 223(f) loan was structured with a fixed-rate, 35-year term.
“Due to the property’s location and the borrower’s request for a substantial cash out, no single execution could hit the requested loan amount,” Abergel said. “However, by combining our balance sheet capability with HUD’s favorable terms, we were able to achieve the borrower’s objective. It was a flawless execution!”
Nottingham Village was built in two phases in 1971 and 1983. The community features 44 garden-style buildings situated on 16.4 acres. Amenities include a transit-oriented location, assigned parking, high-speed internet access, on-site maintenance, and a salt-water swimming pool.
“This transaction is yet another example the flexibility offered by Arbor’s unique status as an FHA lender with a balance sheet bridge loan platform,” said Jeff Allshouse, Senior Vice President, FHA Sales. “Furthermore, as a HUD-approved Multifamily Accelerated Processing (MAP) lender, Arbor was able to secure the excellent long-term, fixed-rate terms FHA is known for on an expedited basis.”
Loan proceeds will cover $500,000 in property renovations, which will include new windows and sliding doors, updated electrical, as well as new countertops and cabinetry.
For over 20 years, Uniondale, NY-based Arbor Realty Trust, Inc. (NYSE:ABR) has been helping multifamily and commercial real estate clients achieve their financial goals by focusing on growing long-term relationships and conducting business as not simply another real estate lender, but a partner. We value our clients to such an extent that we’re more comfortable calling them partners, and their relationships with Arbor are the foundation of our business.
Founded by Chairman and CEO Ivan Kaufman, Arbor Realty Trust, Inc. is a real estate investment trust and direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Seller/Servicer and the Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge, Mezzanine and Preferred Equity lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of more than $15 billion as of June 30, 2017, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.