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| Joanne Apartments San German, Puerto Rico |
UNIONDALE, NY (Feb. 12, 2013) - Arbor Commercial Mortgage,
LLC, a national, direct commercial real estate lender, announced the recent
funding of three FHA-insured 223(f) loans in Puerto Rico totaling $9,551,000:
· Joanne Apartments, San German, PR –
This 124-unit multifamily portfolio received a total of $4,080,000 funded under
the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year
schedule. The high-rise apartment complex is located in San German, which was
founded in 1573 and is the second-oldest settlement in Puerto Rico behind its
capital, San Juan.
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| Muneki Apartments Aguadilla, Puerto Rico |
· Muneki
Apartments, Aguadilla, PR – This 124-unit multifamily property received
$3,512,000 funded under the FHA 223(f) product line. The 35-year refinance loan
amortizes on a 35-year schedule. Muneki Apartments is located adjacent to the
Aguadilla Plaza shopping center along State Road 2 in the Corrales Ward of
Aguadilla.
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| San Luis Apartments Ponce, Puerto Rico |
· San Luis
Apartments, Ponce, PR – This 54-unit multifamily property received
$1,959,000 funded under the FHA 223(f) product line. The 35-year refinance loan
amortizes on a 35-year schedule. San Luis Apartments is located in Ponce, the
second largest city in Puerto Rico, on State Road No. 123, one of the most
traveled roads in the city.
All of the loans were originated by Robert Mendeles,
Structured Finance Originator in Arbor’s Englewood Cliffs, NJ, office through
Arbor’s exclusive partner in Puerto Rico, Urban Holdings, LLC.
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| Robert Mendeles |
“The funding of this portfolio shows Arbor’s commitment to
extending its expertise within the FHA multifamily lending market wherever our
clients and partners do business,” said Joseph Donovan, SVP and Director
of FHA Lending. “Arbor understands the great investment value inherent in
underserved markets and the mission to preserve affordable rental housing in
Puerto Rico.”
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| Joseph Donovan |
As an approved FHA Multifamily Accelerated Processing
("MAP") Lender, Arbor’s FHA group provides all FHA-insured
Multifamily and Healthcare facility loan programs on an expedited basis.
Arbor also offers the unique “Bridge to HUD/FHA Exit”
program. This program is designed to effectively solve the timing issue
associated with closing FHA loans by providing a bridge loan to facilitate a
quick closing on an acquisition. Borrowers who are looking to complete repairs
and/or reposition a property can also use a bridge loan to facilitate a maximum
FHA refinance loan.
Contact:
Christopher Ostrowski,
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