Hale Pauahi Apartments, Honolulu, HI |
UNIONDALE, NY (Dec. 5, 2012) – Meeting the robust demand for
multifamily financing through the FHA’s mortgage insurance programs, Arbor
Commercial Mortgage, LLC, a national, direct commercial real estate lender,
announced the recent funding of seven loans totaling $87,618,800 under several
FHA financing product lines from Hawaii to Virginia.
· Hale
Pauahi Apartments, Honolulu, HI – This 396-unit multifamily property
received $11,816,600 funded under the FHA 223(a)(7) product line. The 17-year
refinance loan amortizes on a 17-year schedule. The property is located in
downtown Honolulu and consists of apartment units with sizes ranging from
studio to three-bedroom.
Chester Village Green Apartments, Chester, VA |
· Chester Village Green, Chester, VA –
This 137-unit multifamily property received $11,019,000 funded under the FHA
223(a)(7) product line. The 40-year refinance loan amortizes on a 40-year
schedule. Amenities at Chester Village Green include a clubhouse, a fitness
center, a swimming pool, a tennis court, garage parking and a playground.
· Haven
Pointe Apartments, West Haven, UT – This 192-unit multifamily property
received $10,725,000 funded under the FHA 223(a)(7) product line. The 37-year
refinance loan amortizes on a 37-year schedule. Amenities at Haven Pointe
include a clubhouse, a fitness center, a swimming pool, a basketball court,
storage areas and a playground.
Haven Pointe Apartments, West Haven, UT |
· Glenwood
Apartments, East Lansing, MI – This 138-unit multifamily property received
$8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan
amortizes on a 35-year schedule. This garden-style property primarily markets
to students from nearby Michigan State University.
· Penny
Lane Apartments, Ruston, LA – This 72-unit multifamily property received
$5,229,000 funded under the FHA 223(f) product line. The 35-year refinance loan
amortizes on a 35-year schedule. The newly constructed property serves a large
student and faculty population, with an estimated 45 percent of residents being
students from Louisiana Tech University and Grambling State University.
Glenwood Apartments, East Lansing, MI |
· Ellsworth
Square Apartments, Salem, OR – This 72-unit multifamily property received
$2,664,000 funded under the FHA 223(f) product line. The 35-year refinance loan
amortizes on a 35-year schedule. Ellsworth Square is located approximately two
miles northeast of downtown Salem and consists of nine two-story residential
buildings.
· Multifamily
Asset, Chester, VA – This 322-unit multifamily property received
$38,005,200 funded under the FHA 223(a)(7) product line. The 40-year refinance
loan amortizes on a 40-year schedule. The property is a three-story,
garden-style apartment community situated on a 31.34-acre property featuring a
clubhouse, 24-hour fitness center, swimming pool, tennis court, billiard lounge
and playground.
Joseph Donovan |
“This portfolio of
loans, financed across the country, once again demonstrates the capabilities of
Arbor’s FHA Lending Group,” said Joseph Donovan, Arbor’s Senior Vice
President, Director of FHA Lending. “This established FHA platform has allowed
us to meet our long-time clients’ increasing demand for FHA financing wherever
they do business across the country.”
Contact:
Chris Ostrowski
Arbor Realty Trust, Inc.
Tel: (516) 506-4255
333 Earle Ovington Blvd,
Suite 900
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