Dealmaker: Arbor Funds $77M in Fannie Mae Multifamily Loans
Michael Tucker firstname.lastname@example.org
Arbor Realty Trust, Uniondale, N.Y., funded two Fannie Mae multifamily loans totaling $76.5 million.
In Tucker, Ga., 977-unit property 13Ten Apartment Homes received $47 million through Fannie Mae's Delegated Underwriting and Servicing program. The 12-year fixed-rate loan included six years of interest-only payments.
Arbor Vice President Stephen York originated the loan. "We originated this property as a bridge loan in 2017, and are now finishing the job via a cash-out refinance," he said.
Built in 1988 and renovated in 2019, 13Ten Apartment Homes is a gated community with rental villas, lofts and townhomes.
Arbor also funded a Fannie Mae Streamlined Rate Lock loan in Dallas secured by Alexan Riveredge, a 309-unit property that received $29.5 million in acquisition funding. The 10-year fixed-rate loan remains interest only throughout its term.
Greg Gillam, Vice President in Arbor's Manhattan Beach, Calif. office, originated the loan.
"The time to close this purchase was extremely short as the borrower was selected from a competitive pool of potential buyers based on his projection of a smooth and expeditious closing process," Gillam said. He noted the Fannie Mae Streamlined Rate Lock product allowed the borrower to lock at a favorable rate and close quickly for the purchase.
Alexan Riveredge delivered in 2016.