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| 444-unit, two bedroom Topaz Villas, Jacksonville, FL |
UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Multifamily Affordable Housing (MAH) Green Rewards loan in Jacksonville, FL.
The 444-unit property received $34.5M in refinancing with a fixed 12-year term, two-years of interest only payments, followed by a 30-year amortization schedule.
Garth Davis of Arbor’s San Francisco office originated the deal.
“This transaction highlights Arbor’s ability to find customized financial solutions for our borrowers,” Davis said. “We provided competitive bridge-to-permanent acquisition funding which allowed our sponsor to reposition the property in the market and subsequently secure a Green Fannie Mae take-out, which maximized proceeds and provided a lower interest rate.
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| Garth Davis |
"In addition to helping our client reach his
financial goals, tenants of the property received support from Arbor’s Rental
Assistance Program (ARAP), an innovative
collaboration between Arbor and its borrowers designed to ease the financial burden for
residents severely impacted by COVID-19.”
Located in the heart of Jacksonville, FL, Topaz Villas includes
two-bedroom townhomes and one to three
bedroom apartments with walk-in closets and storage
space. The pet-friendly multifamily affordable housing complex was built in
1972 and features a fitness center, pool, playground and dog park.
Contact:
Bina Handa
Tel: 516.506.4229
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