Structured Financing Bridge Loan Program
Arbor 360º
Success Story: Market-Rate Conversion
A panoramic view of how Arbor grows financial partnerships through successful
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$29.5M Fannie Mae Bridge-to-Perm Loan with Green Rewards
252
Units
FL
Tallahassee
1998
Year Built
Situation
Inman Equities, a repeat Arbor borrower, was looking for a bridge loan to finance the acquisition and conversion of a student housing property into a market-rate traditional multifamily development. Once the property was stabilized, Inman Equities wanted to pursue permanent financing for a property they felt had tremendous upside potential. The borrower was also interested in making Canyon Park Apartments a “green” community with financing that would reduce energy and water consumption.
Arbor Action
First, Arbor’s Eugene Yanovskiy, VP, Sales, worked with Inman Equities to secure an Arbor Bridge Loan to finance the acquisition, conversion, and rehab of a Tallahassee, FL, student housing development. After the property was converted to market-rate multifamily housing, Yanovskiy partnered with Inman Equities again to secure a Fannie Mae Standard DUS® loan to permanently finance the property. Canyon Park Apartments was also enrolled in Fannie Mae Green Rewards, a program that provides more favorable pricing and funds green upgrades that reduce a property’s carbon footprint.
Result
Inman Equities secured $29.5 million in financing to renovate, remodel, and enhance the student housing development, which would become an apartment community with shared amenities, such as a pool, pickleball courts, and outdoor grilling stations. Arbor’s strong industry relationships made the process seamless and timely. After enrolling in Green Rewards, Inman Equities received a lower interest rate and incentives to make environmentally friendly improvements that add value to the property.