Tuesday, August 11, 2009

Arbor Closes $1.87M Fannie Mae DUS® Small Loan for Purdue Apartments in Baltimore, MD

Uniondale, NY (August 10, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,870,000 loan under the Fannie Mae DUS® Loan product line for the 42-unit property known as the Purdue Apartments (bottom left photo) in Baltimore, MD.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.55 percent.

The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service New York, NY lending office.

“The sponsors purchased this property in distress and significantly improved its operations over the course of 15 months,” said York.

“When the property was ready for permanent financing, Arbor was pleased to deliver competitive terms, which included sizable cash out.”


Ingrid Principe, Marketing, Arbor Commercial Mortgage,
333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553
P: 516.506.4298. F: 516.542.2555
Follow us on Twitter @ arbor1

Indiana student housing community refinanced

INDIANAPOLIS, IN – The Indianapolis office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has secured a refinancing for Campus Habitat 5 Apartments, (top right photo) a 53-unit student housing community on the campus of Vincennes University in Vincennes, Indiana.

Working on behalf of Campus Habitat, HFF associate director David Ross placed the 10-year, adjustable-rate loan with First Financial Corporation.

Based in New York City, Campus Habitat acquires, renovates and manages student housing communities throughout the United States.
Campus Habitat 5 Apartments is located at 201 West Saint Clair Place on 1.6 acres within the Vincennes University campus in southwestern Indiana. The fully-leased property has five buildings with 47 two-bedroom units and six six-bedroom townhomes averaging 719 square feet each.

“Campus Habitat 5 Apartments underwent extensive renovations in August 2008 including upgrading unit interiors, exteriors and common areas to provide the many modern amenities desired by students today,” said Ross. “This financing allows Campus Habitat to recognize the value created following their acquisition and repositioning of the asset.”

J. David Ross, HFF Associate Director, (317) 630 3191, dross@hfflp.com
Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500,krmurphy@hfflp.com

HFF closes sale of Crossroads Mall in San Antonio, TX

HOUSTON, TX – The Houston and Dallas offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today they have closed the sale of Crossroads Mall, (top left photo) a 742,000-square-foot mall in San Antonio, Texas.

HFF senior managing directors Rusty Tamlyn (middle right photo) and Doug Hazelbaker (bottom left photo) led the investment sales team on behalf of the seller, an affiliate of Trammell Crow Company.

A group of San Antonio and Houston investors purchased Crossroads Mall for an undisclosed price.
Crossroads Mall is located on a 36.5-acre site at 4522 Fredericksburg Road close to the Interstate 10 and 410 interchange in northwest San Antonio.

Originally built in 1961, the property is undergoing a remarketing and rebranding effort by the new buyer group.

Current anchor tenants include Burlington Coat Factory, Hobby Lobby, Stein Mart and Jo-Ann Fabrics.

Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate.

It has developed or acquired over 500 million square feet of buildings with a value exceeding $50 billion. As of March 31, 2009, Trammell Crow Company had over $6.9 billion of projects in process or in its pipeline.
Rusty Tamlyn, Senior Managing Director, (713) 852-3500, rtamlyn@hfflp.com
Doug Hazelbaker, Senior Managing Director, (214) 265-0880, dhazelbaker@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com