Arbor Funds $160.7 Million in Fannie Mae Loans Across U.S.

Ari Short

UNIONDALE, NY (Oct. 28, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently closed more than a dozen Fannie Mae transactions totaling $160.7M across the U.S.

The acquisition and refinance loans support multifamily properties in the high-growth metros of Seattle and Atlanta, but also encompass other locations such as State College, PA, and Neptune, NJ. 

 Ari Short of Arbor’s New York City office originated the loans.

 “It’s been incredible to partner with Fannie Mae during these uncertain times,” Short said. “Knowing we can offer a reliable product and certainty of execution has allowed us to give our clients exactly what they need: great terms, quick process and flexibility.

 "I’m proud to be a Fannie Mae partner and happy to help our borrowers secure their properties for the next 10 plus years.”

The following properties received funding through Fannie Mae DUS ® program:

Colonial Square in Atlanta, GA, received $6M in refinancing in the second quarter of 2020. Built in 1966, the gated community is comprised of two- and three-bedroom townhomes and features a pool, playground and clubhouse.

 Chamberlayne Avenue portfolio in Richmond, VA, received $32.2M in acquisition financing in the third quarter of 2020. The 405-unit, multifamily complex is a short driving distance from downtown.  

    Andante Apartments in Seattle, WA, received $13.1M in refinancing in the third quarter of 2020. The multifamily property was built in 1965 and renovated in 2017. It includes studio, one- and two- bedroom rentals with outdoor balconies or patios.

 Villas Downtown in Springfield, IL, received $9.3M in refinancing in the third quarter of 2020. The modern, spacious apartments allow for both conventional year leases as well as student leases with rentals by the semester. In addition to community meeting areas, the property provides concierge service and on-site maintenance.

 Lions Gate Apartments in State College, PA, received $14.6M in acquisition financing in the third quarter of 2020. The property offers both furnished and unfurnished studios, and one- and two-bedroom units. It is near to Penn State University.

 1350 Mayson Turner Rd. in Atlanta, GA, received $6M in refinancing in the third quarter of 2020. The newly renovated property is comprised of 84-units. Local shopping and public transportation are nearby.

 The Cincinnati Portfolio in Cincinnati, OH, received $12.2M in refinancing in the fourth quarter of 2020. The University of Cincinnati, Cincinnati State Technical and Community College and the College of Mount St. Joseph are a short driving distance away.

  Across the country on the East Coast, in Brooklyn, NY, 180 Scholes St. received $16M in refinancing in the fourth quarter of 2020.

Located in Williamsburg, the three-floor structure was built in 2009 and has 34 units. In addition to the neighborhood cafes, art, music and boutiques, the property offers larger spaces compared to similarly priced apartments in Manhattan and is close to public transportation.

 Orchard Estates in Mattydale, NY, received $18.2M in refinancing in the third quarter of 2020. Close to downtown Syracuse, the complex offers two- and three-bedroom apartments surrounded by natural beauty and amenities that include a swimming and wading pool, picnic area and nature trails.

 Harlee Gardens in Neptune City, NJ, received $6.9M in refinancing in the third quarter of 2020. The 64-unit property is near to public transportation. Retail shopping and Monmouth University are in close proximity. 

 Stratford Gardens in Neptune, NJ, received $7M in refinancing in the third quarter of 2020. The 50-unit multifamily home is less than a mile away from Gables Elementary School, Neptune Middle School and Neptune High School. 

 Neptune Gardens in Neptune, NJ, received $9.2M in refinancing in the third quarter of 2020. The newly renovated property offers 160-units with hardwood floors and eat-in kitchens. Brookdale Community College is a short driving distance away.

 245 Sumner Street in East Boston, MA, received $10M in refinancing in the second quarter of 2020. The newly constructed multifamily building features two- and three-bedroom apartments, with two full bathrooms. It is within walking distance of entertainment, recreational activities, shopping and dining. 

 Contact:

 Bina Handa

Tel: 516.506.4229

bhanda@arbor.com

 

Nadel Architecture + Planning Creates Design for 'Covid-Proof' 115,000-SF Neighborhood Center in Watts, CA

Freedom Plaza, 9901 South Alameda Street, Watts, CA

LOS ANGELES, CA –  Nadel Architecture + Planning, Los Angeles’ premier architecture and design firm, has completed architectural services for Freedom Plaza, a brand-new neighborhood center that is the retail element of the Jordan Downs mixed-use development in Watts, California, a city in South-Central Los Angeles.

 “Freedom Plaza is part of the inspiring redevelopment story of the Jordan Downs residential community and incorporates the rich heritage of the people of Watts in the architecture, artwork and amenities,” says Greg Lyon, chairman and principal for Nadel.

Greg Lyon

 “As L.A.’s leading architectural and design firm for the last 47 years, we are honored to have the opportunity to design a center that is destined to be an iconic piece of history for the Watts community.

 "The project, located just blocks away from the historic Watts Towers Art Center, closely aligns with our company’s expertise and values, and we are humbled to contribute to this watershed revitalization effort.”

 Developed by Primestor Development Inc., Freedom Plaza is the centerpiece of Jordan Downs, a 700-unit public housing apartment complex owned and managed by the Housing Authority of the City of Los Angeles (HACLA).

 The 105-acre, high-density community was recently transformed into a sustainable mixed-use master-planned village. Freedom Plaza features 114,431 square feet of retail space for stores and restaurants, as well as landscaped promenades and community gathering spaces.

 

“Jordan Downs is a critical new addition to Watts,” notes Lyon. “Originally, the residential community was built as housing for returning military personnel, which had morphed into drug-ridden projects in recent years.

 "As local architects and designers who are deeply rooted in our community, we are proud to be at the helm of bringing the retail element of this new development to fruition in a neighborhood that has been plagued with urban blight for years.”

 Contacts:

Alex Caswell / Lexi Astfalk

Brower Group

(949) 438-6262

acaswell@brower-group.com

 www.nadelarc.com.

 

MetroWest Center Sold for $7.3 Million in Orlando, FL

 

 MetroWest Center, 882 South Kirkman Road, Orlando, FL

 ORLANDO, FL, Oct. 27, 2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of MetroWest Center, a 28,282-square foot office property at 882 South Kirkman Road in Orlando, FL, according to Justin W. West, regional manager of the firm’s Orlando office. The asset sold for $7,350,000.

                  Salim Valiani, an investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor.

 

 Salim Valiani

        “This property has been a pride of ownership for the Seller and hopes it will be cherished by the new owners the same way," says Valiani.

  "The property is well positioned with a long-term lease with the State of Florida’s Department of Children and Families as a majority tenant in the building. The Orlando market has seen tremendous growth in office rental properties.

 "The Buyer understands the opportunity and is looking to benefit from the continued market growth. We are here to continue to deliver results for our Buyers and Sellers, equally.”

 

Contact:

 

 Justin W. West

Vice President / Regional Manager

 Orlando, FL

(407) 557-3800

 

BLT Enterprises Expands Creative Office/Studio Portfolio to 300,000 SF with Acquisition of Jewelbox Multi-tenant Property in Santa Monica, CA

  

2256 Barry Avenue, a multitenant creative office property totaling
about16,050 square feet in West Los Angeles, CA

LOS ANGELES, Calif., (October 22, 2020) – BLT Enterprises, a multi-faceted real estate investment company based in Santa Monica, California, has acquired 2256 Barry Avenue, a multitenant creative office property totaling more than 16,050 square feet in West Los Angeles, California.

The asset is currently fully leased, but provides BLT with an opportunity to create further value through BLT’s proprietary asset management system, according to Bernard Huberman, the firm’s Founder and President.

Bernard Huberman

“The prime location of this asset is perfectly aligned with our business plan to acquire properties in coastal California submarkets near major transportation corridors,” says Huberman, who notes that the property offers immediate access to the 10 and 405 Freeways and walking distance to the Metro Expo Line, driving strong tenant appeal. “West LA remains the most in-demand submarket for office space in the region, continuing to post the lowest vacancies amidst ample deliveries.”

According to Huberman, demand for creative space in the Los Angeles market is driven by a diverse range of companies, primarily in the tech, media, and entertainment industries. While demand has softened due to COVID-19, BLT believes in the resiliency of the Los Angeles Market.

“Over the past few years, we’ve strategically amassed a portfolio of several creative office, flex, and industrial properties in Los Angeles, with a large concentration in West LA and Hollywood,” explains Huberman. 

“Through close relationships with our tenants and brokers, as well as keeping our finger on the pulse of the market, we’ve cultivated a deep understanding of what today’s businesses are looking for in creative, creative industrial and production space. 

Television Center in Hollywood, CA

"This has allowed us to implement renovations and operations strategies that will position our properties for strong tenant demand over the long term.” 

To further take advantage of the cyclical tailwinds of the convergence of tech, streaming, media and entertainment, BLT launched a studio operations business, BLT Studios, approximately two years ago.

Huberman notes that BLT was attracted to the high quality of the asset, which features concrete floors, exposed ceilings, patios, abundant natural light, and secure parking, and requires only light renovations.

BLT’s current West LA and Hollywood holdings are now close to 300,000 square feet, with development opportunities for another 450,000 square feet, including Television Center in Hollywood, and the Hawke Media headquarters at 2231 S. Barrington Avenue, which is located within a quarter-mile of the new acquisition.

The property consists of two units, the first built in 2004 and the second in 2016. It was acquired for $9.29 million and is located at 2256 Barry Avenue in Los Angeles, California. The seller, who was not part of this release, was represented by Michael Preiss of rsfLA, Inc.

Contact:

Elisabeth Manville / Katie Haga

Brower Group

(949) 438-6262

emanville@brower-group.com