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| Austin Walker |
UNIONDALE,
NY– Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender,
recently funded a Fannie Mae MAH loan portfolio in Baton Rouge, LA.
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| Pelican Bay Apartments, Baton Rouge, LA |
The three properties, totaling 248
units, received $9.6M in funding through the program. The loan provides a
10-year fixed rate term with 9.5-year yield maintenance, and a 30-year
amortization schedule.
Austin
Walker of Arbor’s New York City office
originated the loan.
“With
this deal, we were able to provide a cross-collateralized, non-recourse loan
for three properties well situated in Louisiana’s capital city,” Walker said.
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| Howell Place Apartments, Baton Rouge, LA |
“We worked with first-time sponsors and were able to structure an
innovative, customized deal providing refinancing for one property and
acquisition funding for the other two purchases.”
Pelican
Bay Apartments: Built in 2001 and
comprised of 152 units, this property offers on-site maintenance, a playground
and beautifully furnished interiors. Pelican Bay is also close to three area
colleges including Louisiana State University; Southern University
and A&M College; and Baton Rouge Community College.
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| Pirates Bend Apartments, Baton Rouge, LA |
Howell
Place: Built in 2002, this 48-unit
property features a clubhouse, on-site maintenance and apartments with walk-in
closets and washer/dryer hookups. Howell Place was built in part with financing
obtained through the Low Income Housing Tax Credit (LIHTC) program and provides
apartments for low-income households through Section 8 Housing Choice Vouchers.
Pirates
Bend: Built in 2002, this property
has 48 units and offers one to four bedroom floorplans. The community offers a
clubhouse, lounge, and a fitness center. Pirates Bend is located close to
neighborhood parks and the Baton Rouge Metropolitan Airport.
Bina Handa
Tel: 516.506.4229
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