Friday, February 15, 2019

Arbor Funds $4.2 Million Fannie Mae DUS® in Jackson, MS

The Carleton Seniors Apartments, Jackson, MS
UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR), aleading multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS® in Jackson, MS.

 The Carleton Senior Apartments, a 78-unit urban mid-rise complex, received $4.2M in funding through the program. The deal provides a 12-year term with a 25-year amortization period.

Matt Norman, of Arbor’s Bloomington office, originated the loan. 

“Arbor was able to assist the client in accomplishing two goals with this transaction – freeing up additional trapped equity via the refinance, and converting the client from a shorter-term ARM loan to a longer-term fixed rate product,” Norman said.

Matt Norman
“The transaction was the finalization of a two-stage strategy, in which the shorter-term loan was used for acquisition, rehabilitation and restabilization. After the net operating income was maximized, the loan was successfully converted to a permanent Fannie Mae loan.” 

Built in 1979, The Carleton Senior Apartments is a gated community for tenants 55 years and older. The complex features a swimming pool, central courtyard, covered parking, community center, 24-hour emergency on-call service and weekly social activities.

The individual units include walk-in closets and large dining rooms with chandeliers, as well as fireplaces and screened porches in selected units.


 Bina Handa
Tel: 516.506.4229

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