Arbor Funds $137.9M in FHA Financing Volume Year-to-Date, 2017

 

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.

 

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.

  

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.

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

www.arbor.com

HFF arranges partial interest sale and financing for the redevelopment of ROW DTLA in Downtown Los Angeles

       

Doug Bond

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged for a 37.5 percent minority interest sale and the refinancing of the existing debt for ROW DTLA in Los Angeles, California. 

HFF worked on behalf of Atlas Capital Group and an institutional investment partnership managed by Square Mile Capital Management to admit the Healthcare of Ontario Pension Plan (“HOOPP”) into the partnership, as well as secure the $475 million, three-year floating-rate loan through Blackstone Real Estate Debt Strategies.

The newly formed equity partnership and debt commitment will further the repositioning and revitalization of this historic, mixed-use district encompassing 32 acres and more than 1.8 million square feet of office, retail, restaurant, entertainment and produce market space on the southern end of the Arts District of Downtown Los Angeles.

ROW DTLA, formerly known as the Los Angeles Terminal Market was built (1917-1923) alongside the Southern Pacific Railroad, and is the largest contiguous block of land in Downtown.  Physically, it comprises eight buildings, a 3,827-stall parking garage, 5.2 acres of developable land, a fully operating produce market and more than 30,000 square feet dedicated to the arts and public space.

Paul Brindley

When complete, ROW DTLA will be home to more than 1.4 million square feet of creative office space, 100 unique merchants, and 15 restaurants including the world-renowned James Beard nominee, Tartine Manufactory that will include two restaurants, a coffee lab, marketplace and bakery. 

The other exciting brands at ROW will include Smorgasburg, Paramount Coffee Project, Rappahannock, J Brand, mitú, Go Get Em Tiger, Café Dulce, Hayato, Pikunico, A+R, 13 Bonaparte, Lust Covet Desire (LCD), Scent Bar, Yolk, Vrai & 

Oro, AHLEM Eyewear, Flask & Field, Milla Chocolates, Shades of Grey by Mica Cohen, dRA Clothing, Banks Journal, Bridge & Burn, Hancock Design, Poketo, Gossamer, Bodega, 

The Wicked Boheme, Nova Arts Salon, Tokyobike, Shadowbox, MVMT Theory, Bender Yoga, The Cartorialist, Jeff Morrical Studio, Jordan Zobrist and jig+saw. www.rowdtla.com  

The HFF equity and debt placement team representing the ownership was led by senior managing directors Doug Bond and Paul Brindley and associate director Brad Greenway.

“With its rich history and wide variety of integrated uses onsite, ROW DTLA will be one of Los Angeles’ can’t miss destinations similar to places such as the Meatpacking District in New York,” said Bond.

“The extraordinary vision of the Atlas team and its partners has led to the creation of one of Los Angeles’ iconic assets that will be a destination for tenants, customers and tourists for years to come,” added Brindley.

  

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

Kristen Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617-848-1572 | cell 617-543-4873 | hfflp.com

krmurphy@hfflp.com

HFF arranges $125 million refinancing for a high-quality retail center in El Segundo, CA

Plaza El Segundo, South Bay area, El Segundo, CA

Kevin MacKenzie

LOS ANGELES, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged a $125 million refinancing for Plaza El Segundo, a 380,558-square-foot, high-quality retail center in the South Bay community of El Segundo, California.

HFF worked on behalf of the borrower, Federal Realty, to secure the 10-year, fixed-rate loan through PGIM Real Estate Finance. 

Completed in 2007, Plaza El Segundo is 97 percent leased and comprises 13 buildings in three shopping districts: The Plaza, The Collection, and The Edge.  The property features a strong tenant line-up that includes Whole Foods, Dick’s Sporting Goods, lululemon athletica, Anthropologie and Salt Creek Grill. 

Situated on 36.82 acres at 710-780 Sepulveda Boulevard, Plaza El Segundo is located at the dominant intersection of Rosecrans Avenue and Sepulveda Boulevard (Pacific Coast Highway), which connects the affluent beach communities of Manhattan Beach, Hermosa Beach, Redondo Beach and El Segundo, and has combined traffic counts in excess of 110,000 vehicles per day.  

More than 167,000 residents earning an average annual household income of $100,192 live within three miles of the center.

The HFF debt placement team representing the borrower was led by senior managing director Kevin MacKenzie and associate director Matthew Stewart.

Matthew Stewart

“Despite some recent headwinds in the retail market, this transaction is a great example of the availability of capital for premiere retail properties with best-in-class sponsorship,” MacKenzie said. 

“There was strong interest in the opportunity given the A-plus location and tenant line-up, and it was a true team effort from all parties to get the most efficient capital in place for the asset plan.”

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

Kristen Murphy

Director, Public Relations

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

tel 617-848-1572 | cell 617-543-4873 | hfflp.com

krmurphy@hfflp.com

www.FederalRealty.com.

Rhodes+Brito Architects on Design Team for Heroes’ Commons at Jefferson Park in Parramore–A collaboration of City, ORR Foundation to Help Veterans Own a Home

Maximiano Brito

ORLANDO, FL --- A team of architects at Rhodes+Brito designed three of the six homes for veterans and their families at Heroes’ Commons at Jefferson Park, a collaborative housing development project by the Orlando Regional Realtor Foundation’s Art in Architecture Program and the City of Orlando. 

Maximiano Brito, AIA, co-founder and partner at Rhodes+Brito Architects said he and other firm members on the project Carl Shea, AIA and Loi Van Loon-Flink  donated their services, valued at more than $146,640 for the three homes that range from 1,384 to 1,534 square feet of living area.

Heroes’ Commons at Jefferson Park, located in Parramore community west of downtown Orlando, is a project that was designed to maximize connectivity between the homes in the neighborhood and provide a supportive and inclusive environment.

The new homeowners, with a legacy of service, will continue to serve by working with their fellow veteran neighbors and community leaders as advocates for the Parramore neighborhood.  

Thanks to the City of Orlando and the Art in Architecture Program’s collaborative efforts, funding partners and professionals who donated services, deserving veterans are moving into brand new mortgage-free homes providing a step toward financial independence and security.  

“Helping both the Parramore community and veterans who served and sacrificed so much for our nation is really close to all our hearts and we were delighted to give back in such a meaningful way,” said Brito.

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

Larry Vershel, Larry Vershel Communications Inc. 407-644-4142 Lvershelco@aol.com