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Creekside Glen Apartments, Walnut Creek, CA
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Carmel House Apartments
Walnut Creek, CA |
UNIONDALE, NY (April 24, 2013) - 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 14 loans totaling $86,412,000 across Texas and California under the Fannie
Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small
Loan and Fannie Mae DUS® ARM 7/6 product lines.
These loans include:
· Creekside
Glen Apartments, Walnut Creek, CA – This 152-unit multifamily property
received $18,399,000 funded under the Fannie Mae DUS® ARM 7/6 product line. The
seven-year acquisition loan amortizes on a 30-year schedule. Walnut Creek
serves as the business and entertainment hub of Contra Costa County with
immediate access to Interstate 680, Highway 24 and Bay Area Rapid Transit
(BART).
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Cypress Creek Apartments
Walnut Creek, CA |
· Carmel
House Apartments, Walnut Creek, CA – This 107-unit multifamily property
received $12,894,000 funded under the Fannie Mae DUS® ARM 7/6 product line. The
seven-year acquisition loan amortizes on a 30-year schedule. Located on the
immediate perimeter of popular downtown Walnut Creek, Carmel House offers
tenants wonderful walkability to dining and retail options.
· Cypress
Creek Apartments, Walnut Creek, CA – This 99-unit multifamily property
received $11,660,000 funded under the Fannie Mae DUS® ARM 7/6 product line. The
seven-year acquisition loan amortizes on a 30-year schedule. The Cypress Creek
Apartment complex is located on a major thoroughfare off of Highway 680.
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Briarwood Apartments
Turlock, CA |
· Briarwood
Apartments, Turlock, CA – This 144-unit multifamily property received
$5,400,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance
loan amortizes on a 30-year schedule. The Briarwood Apartment complex is
located in the established, primarily residential area of Turlock and is
convenient to schools, parks and the central business district.
· Coaling
Station B Apartments, Coalinga, CA – This 105-unit multifamily property
received $3,350,000 funded under the Fannie Mae DUS® Loan product line. The
10-year refinance loan amortizes on a 30-year schedule. Coalinga is
conveniently located 10 miles west of Interstate 5.
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Coaling Station B Apartments
Coalinga, CA |
· Village
Ceres Apartments, Ceres, CA – This 48-unit multifamily property received
$1,820,000 funded under the Fannie Mae DUS® Small Loan product line. The
10-year refinance loan amortizes on a 30-year schedule. Village Ceres
Apartments is convenient to schools, parks and the central business district.
· Park
Lane Villas, Austin, TX – This 242-unit multifamily property received
$11,344,800 funded under the Fannie Mae DUS® Loan product line. The 10-year
acquisition loan amortizes on a 30-year schedule. Park Lane Villas is a garden
style apartment complex located less than five miles from the downtown Austin
area.
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Village Ceres Apartments
Ceres. CA |
· Trinity
Oaks Apartments, Dallas, TX – This 240-unit multifamily property received
$5,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year
acquisition loan amortizes on a 30-year schedule. Trinity Oaks is located
approximately 17 miles from downtown Dallas and is .25 miles away from a major
commercial corridor that boasts restaurants as well as a number of regional
offices for Fortune 500 companies.
· The
Forest at Duck Creek Apartments, Garland, TX – This 130-unit multifamily
property received $5,025,000 funded under the Fannie Mae DUS® Loan product
line. The 10-year refinance loan amortizes on a 30-year schedule. The Forest at
Duck Creek complex is located approximately 10 miles from the downtown Dallas
area.
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| Park Lane Villas, Austin, TX |
· Stone
Creek Apartments, Marshall, TX – This 80-unit multifamily property received
$3,320,000 funded under the Fannie Mae DUS® Small Loan product line. The
10-year acquisition loan amortizes on a 30-year schedule. Stone Creek is a
garden style apartment complex located 40 miles from Shreveport, LA.
· The
Palms of Lake Jackson, Lake Jackson, TX – This 184-unit multifamily
property received $3,250,000 funded under the Fannie Mae DUS® Loan product
line. The 10-year refinance loan amortizes on a 25-year schedule. Lake Jackson
is located in Brazosport County, which is best known for its wide expanse of
sandy beaches.
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Trinity Oaks Apartments
Dallas, TX |
· Highland
Square Apartments, Alvin, TX – This 104-unit multifamily property received
$1,850,000 funded under the Fannie Mae DUS® Small Loan product line. The
10-year refinance loan amortizes on a 25-year schedule. Highland Square is a
garden style apartment complex located approximately 25 miles southeast of
Houston, TX.
Meadowlark Place, Lindale, TX – This 56-unit
multifamily property received $1,700,000 funded under the Fannie Mae DUS® Small
Loan product line. The 30-year cash out loan amortizes on a 30-year schedule.
Meadowlark Place is made up of Duplex-style units.
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Valencia Apartments
Harlingen, TX |
· Valencia
Apartments, Harlingen, TX – This 62-unit multifamily property received
$1,100,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year
refinance loan amortizes on a 30-year schedule. Valencia Apartments is a
garden-style apartment complex.
All of the loans were originated by Jay Porterfield,
Vice President in Arbor’s Plano, TX, office.
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| Jay Porterfield |
“As a national direct lender, Arbor has comprehensive market
expertise throughout the country, including in such multifamily hotbed markets
as California and Texas,” Porterfield said.
“As demonstrated by
this diverse portfolio of loans, Arbor is providing the personal service and
expertise needed for investors to take advantage of today’s strong market
conditions.”
For a complete copy
of the company’s news release, please contact:
Chris Ostrowski
Arbor Realty Trust, Inc.
Tel: (516) 506-4255
333 Earle Ovington Blvd, Suite 900
