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| Matt Norman |
UNIONDALE,
NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently
funded a Fannie Mae DUS® loan in Houston, TX.
Ashford
Court Apartments, a
442-unit multifamily property, received $4.M in supplemental funding through
the program. The loan features a seven-year term with four-year yield maintenance and a 30-year amortization
schedule.
Matt
Norman of
Arbor’s Bloomington, Indiana, office originated the loan.
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| Ashford Court Apartments, Houston, TX |
“This loan
was a prime example of how Fannie Mae’s supplemental program rewards a borrower’s
efforts to improve a property’s condition and maximize net
operating income by releasing trapped equity on a longer term hold,” Norman
said. “In the end, the client received a 75% LTV, co-term debt product without
being subjected to any prepayment penalties.”
Built in 1983, Ashford Court Apartments offer spacious one- and two-bedroom units equipped with breakfast bars, granite countertops and wood-burning fireplaces, as well as private patio and balcony options.
Built in 1983, Ashford Court Apartments offer spacious one- and two-bedroom units equipped with breakfast bars, granite countertops and wood-burning fireplaces, as well as private patio and balcony options.
Community amenities
include a swimming pool, 24-hour fitness center, clubhouse with full kitchen
and business center, as well as tennis and volleyball courts.
Contact:
Bina Handa
Tel: 516.506.4229
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