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| The Carleton Seniors Apartments, Jackson, MS |
UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR),
aleading multifamily and commercial mortgage lender, recently funded a Fannie
Mae DUS® in Jackson, MS.
The Carleton
Senior Apartments, a 78-unit urban mid-rise complex, received $4.2M in
funding through the program. The deal provides a 12-year term with a
25-year amortization period.
Matt Norman, of Arbor’s Bloomington office, originated the loan.
“Arbor was able to assist the client in accomplishing two
goals with this transaction – freeing up additional trapped equity via the
refinance, and converting the client from a shorter-term ARM loan to a
longer-term fixed rate product,” Norman said.
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| Matt Norman |
“The transaction was the finalization of a two-stage
strategy, in which the shorter-term loan was used for acquisition,
rehabilitation and restabilization. After the net operating income was
maximized, the loan was successfully converted to a permanent Fannie Mae
loan.”
Built in 1979, The Carleton Senior Apartments is a gated community for tenants 55 years and older. The complex features a swimming pool, central courtyard, covered parking, community center, 24-hour emergency on-call service and weekly social activities.
The individual units include walk-in closets and large
dining rooms with chandeliers, as well as fireplaces and screened porches in
selected units.
CONTACT:
Bina
Handa
Tel: 516.506.4229
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