Fitch Ratings Recognizes Arbor’s Commitment to Excellence and Innovation Arbor Realty Trust (NYSE:ABR) NEW YORK, NEW YORK – November 29, 2023: Fitch Ratings has reaffirmed Arbor Multifamily Lending, LLC’s (Arbor) commercial primary and special servicer ratings, further solidifying Arbor’s position as a trusted partner in the multifamily lending industry. Concurrently, they have assigned a Positive Outlook to each rating, reflecting an unwavering commitment to excellence and innovation. Commercial primary servicer rating at ‘CPS2’; Outlook Positive; Commercial special servicer rating at ‘CSS3+’; Outlook Positive. “The assignment of the Positive Outlook reflects Fitch’s 12–24 month view on the trajectory of Arbor’s primary servicer rating, noting that as the new borrower website is fully realized and deployed and turnover within the primary servicing function continues to stabilize, positive rating movement is possible.” – Fitch Ratings Read more from Fitch about the key rating drivers behind this announcement. Direct inquiries to [email protected]. About Arbor 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, and other diverse commercial Read the full article…
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$23.4M FHA 221(d)(4) Loan
192
Units
GA
Kingsland
2021
Year Built
Situation
Multifamily owner-operators with decades of experience in construction, acquisition and management were looking to develop a 192-unit, Class A apartment community in Kingsland, GA. Low vacancy rates and limited new supply in the market made it an opportune time to develop new market-rate housing in the market. The borrowers were looking for FHA financing to construct the property and transition to long-term permanent financing upon completion and stabilization.
Arbor Action
Arbor began the underwriting and loan application process in late 2019, with the expectation that the borrowers’ strong development experience and HUD knowledge would make them a good candidate for FHA financing with a 16-month construction timeline. The unexpected impacts of the pandemic posed challenges and disruption in the market, but the Arbor team worked diligently to ensure the borrowers would receive financing in a timely manner and stay on schedule.
Result
Due to Arbor’s experienced FHA team and the borrowers’ strong application, Arbor successfully secured a $23.4 million FHA 221(d)(4) loan to fund the construction of the property and transition to a 40-year term loan. The loan allowed the borrower to cover development costs and operate the property for stable rental income.