Friday, February 15, 2019

Arbor Funds $16.5 Million Fannie Mae DUS® Small Loan Portfolio in Kentucky



Matthew Madacsi

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a portfolio of Fannie Mae DUS® Small Loans in Kentucky.

The nine properties, totaling 606 units, received $16.5M in combined funding through the program. All the deals included 10-year fixed rate terms.

Matthew Madacsi of Arbor’s New York City office originated the loan.

“This portfolio is a prime example of Arbor’s ability to finance stabilized multifamily properties nationwide,” said Madacsi. “Our Fannie Mae program provided our client, a prominent development group in the Western Kentucky area, the flexibility, structure and nonrecourse terms they needed.”
 
Glenn Street Apartments, Paducah, KY

The portfolio includes the following properties:

Glenn Street Apartments, Paducah, KY: Built in 1968, this 54-unit property offers two-bedroom residences equipped with HVAC systems and washer/dryer hookups. The property is conveniently located next to shops and restaurants.

Ora Lane Apartments, Paducah, KY: Built in 1986, this 40-unit property is pet-friendly and provides furnished kitchens along with washer/dryer hookups. Master bedrooms include spacious balconies. The surrounding town is packed with colorful storefronts dating back to the previous century, which now serve as popular restaurants, specialty shops, art galleries and other small businesses.

Live Oaks Apartments, Murray, KY: Built in 1978, this 88-unit property offers 1-3 bedroom apartments with fully equipped kitchens. In addition, a laundry facility and community room are located on the property, which is 2.5 miles from Murray State University.

Ora Lane Apartments, Paducah, KY
Black Oaks Apartments, Paducah, KY: Built in 1950, this 60-unit property offers beautiful townhouses with fully equipped kitchens, HVAC systems and washer/dryer hookups. The property is in close proximity to Kentucky Oaks Mall, West Kentucky Community & Technical College, and area hospitals.

Cardinal Point Apartments, Paducah, KY: Built in 1953, this 84-unit property offers on-site laundry facilities and air conditioning. The property is located near Noble Park and is a short drive from Kentucky Oaks Mall and West Kentucky Community & Technical College.

Colony Drive Apartments, Paducah, KY: Built in 1970 and located in a quiet country setting, this 104-unit property is pet-friendly and offers 1-3 bedroom residences. Community amenities include a picnic area.

Colony Drive Apartments, Paducah, KY
Jordan’s Crossing Apartments, Paducah, KY: Built in 2016, this 24-unit property offers townhomes with fully equipped kitchens. The property is pet-friendly and in close proximity to shops and restaurants.  

Willow Oaks Apartments, Paducah, KY: Built in 1973, this 72-unit property offers 1-3 bedroom residences and includes an on-site laundry facility. It is conveniently located near Noble Park.

Red Oaks Apartments, Murray, KY: Built in 1978, this 80-unit property offers 1-2 bedroom apartments with fully equipped kitchens, as well as an on-site laundry facility.


CONTACT:

 Bina Handa
Tel: 516.506.4229

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.

CONTACT:

 Bina Handa
Tel: 516.506.4229