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| John Caulfield |
UNIONDALE, NY -- Arbor
Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national
direct lender specializing in loan origination and servicing for multifamily,
seniors housing, healthcare and other diverse commercial real estate assets,
announces the recent funding of six loans totaling $137,935,328 under several
FHA financing product lines:
· Briar
Club Apartments, Memphis, TN – This
Class B/C, 272-unit multifamily property, consisting of 17 multifamily
apartment buildings, received a total of $9,866,000 – including $1,277,689 for
critical repairs, renovations and upgrades – is funded under the FHA 223(f)
product line.
The 35-year refinance loan amortizes on a 35-year schedule. Briar
Club Apartments is located approximately 10 miles southeast of the Memphis
central business district within close proximity to Highway 240. Ronen Abergel,
Vice President of Arbor’s Uniondale, Long Island office originated the
refinance loan.
·
Bridford Lake Apartments, Greensboro,
NC – A $33,022,000 FHA 223(f) refinance of a 320-unit garden-style
multifamily property received $33,022,000 funded under the FHA 223(f) product
line. The 35-year refinance loan amortizes on a 35-year schedule. Bridford Lake
Apartments is located in a primarily residential neighborhood, approximately 9
miles southwest of the Greensboro Central Business District and 11 miles
northeast of the High Point Central Business District.
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| Briar Club Apartments, Memphis, TN |
College
Towne West, Lansing, MI – This 532-unit multifamily property, now known as
Towne Square Apartments and Townhomes, received $16,566,328 funded under an
interest rate reduction program. The 29-year refinance loan amortizes on a
29-year schedule.
The refinancing lowered interest costs yielding significant
debt service savings. College Towne West, situated on over 31 acres within
close proximity to Michigan State University, offers amenities such as a sauna,
tanning bed and high speed wireless connection. Michael Jehle, Vice President
of Arbor’s Oklahoma office, originated the refinance loan.
· Champions
Club, Glen Allen, VA – This 212-unit garden-style multifamily property
received $20,017,000 funded under the FHA 223(f) product line. The 35-year
refinance loan amortizes on a 35-year schedule. Champions Club Apartments
offers amenities including a tiered swimming pool, lighted tennis court, sand
volleyball court, racquetball court, clubhouse and fitness center.
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| College Towne West Apartments, Lansing, MI |
·
Madison at Adams Farms, Greensboro, NC – This 500-unit multifamily property received $31,110,000 funded under
the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year
schedule.
Madison at Adams Farms Apartments is located on 46.9 acres,
approximately 9 miles southwest of the Central Business District of Greensboro
and 9.5 miles northeast of the Central Business District of High Point.
·
Clearfield Station, Clearfield, UT – This Class A, 216-unit multifamily property received $27,354,000
funded under the FHA 221(d)(4) product line. The 24-month nonrecourse
construction loan converts to a 40-year self-amortizing permanent loan. Clearfield
Station is part of a larger 72-acre master-planned development adjacent to the
Clearfield FrontRunner commuter rail station owned by the Utah Transit
Authority (UTA).
The developer has planned a mixed-use for the property
including office and residential spaces, an industrial park, a school and a
park, as well as parking to support the existing rail station. This project is
in line with HUD’s mission of creating strong, sustainable communities through
promoting transit-oriented developments. Garth Davis, Senior Vice President of
Arbor’s San Francisco office, originated the new construction loan.
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| Clearfield Station Apartments, Clearfield, UT |
“This recent volume of
funding speaks to the capabilities of Arbor’s FHA Lending Group,” says John Caulfield, Chief Operation
Officer. “It demonstrates that Arbor is persistent in its commitment to
extending its expertise within the FHA multifamily lending market.”
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.
For a complete copy of the company’s news release,
please contact:
Arbor Realty Trust,
Inc.
Bonnie Habyan
333 Earle Ovington Blvd,
Suite 900
Tel: 516.506.4615
Uniondale, NY 11553
bhabyan@arbor.com
800.ARBOR.10
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