Dealmaker: Arbor Funds $57M in Multifamily Loans
Michael Tucker firstname.lastname@example.org
Arbor Realty Trust, Uniondale, N.Y., funded two loans totaling $56.7 million, both secured by Texas multifamily properties.
The firm originated $35.9 million to refinance Nottingham Village, a 317-unit Houston multifamily property.
Ronen Abergel, Vice President of Originations at Arbor Realty Trust, arranged the 35-year, $35.9 million FHA 223(f) takeout loan. "Due to the property's location and the borrower's request for a substantial cash out, no single execution could hit the requested loan amount," he said, noting Arbor combined its balance sheet capability with HUD's terms to achieve the borrower's objective.
Nottingham Village was built in two phases in 1971 and 1983. It includes 44 garden-style buildings on 16.4 acres. The loan proceeds will cover $500,000 in property renovations including new windows and sliding doors, updated electrical new countertops and cabinetry.
In Clute, Texas, Arbor supplied a $20.8 million two-year bridge loan for a 520-unit multifamily property. Vice President Joseph Charneski said the bridge loan allowed the repeat borrower to acquire, gut-renovate and reposition a non cash-flowing property that had more than 300 of its 520 units down at closing.
Located near Lake Jackson in greater Houston, the property offers one- and two-bedroom rentals and three swimming pools.