Arbor Funds $79.1M in Multifamily Deals Coast to Coast

Gateway Commons Apartments, Depew, NY

Ronen Abergel

UNIONDALE, NY -- 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 19 loans totaling $79,082,000 across the country under a variety of loan programs, including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® Military Loan, Fannie Mae DUS® Affordable Housing Loan and Arbor Bridge Loan product lines.

 All of the loans were originated by Ronen Abergel, Vice President in Arbor’s New York, NY office. These loans include:

·         Gateway Commons Apartments, Depew, NY – This 88-unit multifamily property received $7,650,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex was constructed in 2011.

Newell Apartments, Tonawanda, NY

·         Newell Apartments, Tonawanda, NY – This 72-unit multifamily property received $3,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 7-year refinance loan amortizes on a 30-year schedule. Made up of 11 separate buildings, each building contains its own laundry facility. The Newell Apartment complex is located approximately six miles from Buffalo, NY.

·         Multifamily Property, Ravena, NY – This 278-unit property received $7,700,000 funded under the Arbor Bridge Loan product line. The refinance loan has a term of 24 months.

Prairie Apartments, Lansing, MI

 ·         Prairie Apartments, Lansing, IL – This 144-unit multifamily property received $6,920,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is located approximately 26 miles south of downtown Chicago. Amenities include a tenant storage area and a common area laundry facility.

·         Stanford Oaks Apartments, Tucker, GA – This 202-unit multifamily property received $6,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Community amenities include a community pool, children’s playground and combination leasing office/clubhouse. The clubhouse facility includes a community room with tables and chairs and hosts after-school programs. Additionally, the complex features a laundry facility.

Longhorn Cove Apartments, Denton, TX

·         Longhorn Cove Apartments, Denton, TX – This 66-unit multifamily property received $5,918,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property is a new construction duplex, completed in 2010. Each unit has an individual entrance, a two-car garage, a washer/dryer hook up, high ceilings (up to 14 feet) and large walk-in closets.

·         Keswick Apartments, Greenville, NC – This 180-unit multifamily property received $5,590,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Community amenities include a clubhouse with an adjacent swimming pool and sundeck, a fenced and lighted tennis court and open surface parking spaces. The property also has a central fitness center and laundry facility.

                                                            

Oakwood Apartments, Newton, NC

·         Oakwood Apartments, Newton, NC – This 140-unit multifamily property received $4,400,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property amenities include a community pool and a clubhouse facility with a kitchen and small banquet area. A central laundry facility is also available for tenants.

·         Sharon Oaks Apartments, Charlotte, NC – This 98-unit multifamily property received $3,550,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a shared outdoor grilling area, and each unit includes a washer/dryer connection.

The Meadows Apartments, Sparks, NV

·         The Meadows Apartments, Sparks, NV – This 110-unit multifamily property received $4,300,000 funded under the Fannie Mae DUS® Loan product line. The 12-year refinance loan amortizes on a 30-year schedule. The complex has a central playground and laundry facility. Sparks is located just east of Reno, NV.

·         Maple Estates, Lee’s Summit, MO – This 185-unit multifamily property received $3,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The apartment complex provides a central laundry and workout area to residents. Lee’s Summit, MO, is approximately 20 miles southeast of Kansas City, MO.

Plaza Place Apartments, North Augusta, SC

·         Plaza Place Apartments, North Augusta, SC – This 120-unit multifamily property received $3,538,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The property features a community pool, laundry, multi-purpose/basketball court and playground.

·         Arbor Square Apartments, Shawnee, KS – This 195-unit multifamily property received $5,900,000 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. Shawnee, KS, is located approximately 10 miles west of Kansas City, MO.

Lillian Square Apartments Pensacola, FL

·         Lillian Square Apartments, Pensacola, FL – This 99-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes a community swimming pool for residents. 

·         9th Avenue Apartments, Pensacola, FL – This 66-unit multifamily property received $1,445,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The complex includes an on-site laundry facility.

Townview Apartments, Zephyrhills, FL

 ·         Townview Apartments, Zephyrhills, FL – This 46-unit multifamily property received $1,760,000 funded under the Fannie Mae DUS® Small Loan product line. The five-year refinance loan amortizes on a 30-year schedule. The property provides tenants with a central laundry facility and a community swimming pool.

·         The Villas Luxury Apartments, Marysville, CA – This 36-unit multifamily property received $2,428,500 funded under the Fannie Mae DUS® Small Loan product line. The 20-year refinance loan amortizes on a 20-year schedule. Several of the units can be rented furnished and include a bed and frame, dressers, night stands, a sofa, lounge chairs, a dining table, table lamps and a television set, among other furnishings. Other accessories include artwork, a telephone, a clock radio, a toaster, a coffee maker, a microwave, bathroom towels, bed sheets, pillows, blankets, various kitchenware and waste baskets.

9th Avenue Apartments, Pensacola, FL

·         1443 South Bonnie Brae Street Apartments, Los Angeles, CA – This 40-unit multifamily property received $1,912,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The apartment building features a central laundry room as well as storage areas for tenants.

·         Emerald Court Apartments, New Brighton, MN – This 54-unit multifamily property received $1,650,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The complex is made up of two buildings, each with its own laundry facility.

For a complete copy of the company’s news release, please contact:

Christopher Ostrowski

costrowski@arbor.com