Monday, October 1, 2012

Arbor Closes Eight West Coast Fannie Mae Deals Totaling $31.2M


  

UNIONDALE, NY (Oct. 1, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight loans totaling $31,222,000 across California and New Mexico under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® ARM 7-6™ and Fannie Mae DUS® Supplemental Loan product lines. These loans include:

·         570 Knollview Court, Palmdale, CA (top left photo) – This 144-unit multifamily property received $9,024,000 funded under the Fannie Mae DUS® ARM 7-6™ Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule. Amenities at Knollview Court include an in-ground, outdoor swimming pool, whirlpool spa, six laundry rooms and a gazebo.

·         1801-1825 Morton Avenue, Los Angeles, CA (top right photo) – This 66-unit multifamily property received $8,183,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is located on a meticulously landscaped site with low density, providing an uncommonly quiet and secluded feel for the market.

·         Garden Estates Apartments, Ventura, CA (middle left photo) – This 48-unit multifamily property received $3,700,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Garden Estates property is comprised of seven, two-story buildings and includes two laundry centers and a basketball court.

·         Madison at Green Valley Apartments, Henderson, NV (middle right photo) – This 88-unit multifamily received $3,600,000 funded under the Fannie Mae DUS® Loan product line. The five-year refinance loan amortizes on a 30-year schedule. Located six miles from McCarran International Airport and nine miles from the Las Vegas Strip, amenities at Madison at Green Valley include an in-ground swimming pool.

·         Woodcrest Apartments, Las Cruces, NM (lower left photo) – This 96-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Woodcrest Apartments property is comprised of eight, two-story buildings which lie on a 4.17-acre lot. Amenities include an outdoor swimming pool and barbecue area.

·         13260 Maclay Street, Los Angeles, CA  – This 22-unit multifamily property received $1,335,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         Tuscany Villa Apartments, West Covina, CA – This 165-unit multifamily property received $1,280,000 funded under the DUS® Supplemental Loan product line. The nine-year equity loan amortizes on a 30-year schedule. Renovated in 2010, the two-building Tuscany Villa Apartments is located 20 miles outside downtown Los Angeles and includes two swimming pools, two laundry rooms, a fitness center and a barbecue area.

·         The Arbors, Davis, CA – This 120-unit multifamily property received $1,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 15-year refinance loan amortizes on a 15-year schedule. The Arbors was renovated in 2011 and is primarily made up of tenants from the University of California, Davis. The property includes a fitness center and swimming pool surrounded by a sundeck.

 All of the loans were originated by Greg Gillam, Director in Arbor’s Manhattan Beach, CA, office. “These loans are examples of Arbor and Fannie Mae’s effort to finance well-maintained properties that provide affordable market-rate housing throughout the California, Nevada and New Mexico rental markets,” Gillam said.

Contact:

Chris Ostrowski
Arbor Realty Trust, Inc.
 Tel: (516) 506-4255
333 Earle Ovington Blvd, Suite 900

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