Uniondale, NY - Arbor Commercial Mortgage, LLC, a national, direct commercial real estate lender, announced the funding of seven FHA-insured multifamily loans totaling $49,607,900:
* Shafer Grace, Richmond, VA – This 152-unit multifamily apartment complex received a total of $22,039,000 funded under the FHA 221(d)(4) product line. The 40-year new construction loan amortizes on a 40-year schedule. Planned amenities include a fitness center; roof deck and clubhouse; high-speed Internet, cable and phone service included in all rent; a washer and dryer in each unit; central air conditioning; garage parking; and extra storage. The loan was originated by Hal Reinauer, Director in Arbor’s Boston office.
* Chesterfield Gardens Apartments, Chester, VA – This 105-unit multifamily property received $7,281,900 funded under the FHA 223(a)(7) product line. The 37-year refinance loan amortizes on a 37-year schedule. The complex is a garden-style property. Amenities include a clubhouse, leasing office, 24-hour fitness center, swimming pool, tennis court and playground. The loan was originated by Hal Reinauer, Director in Arbor’s Boston office.
* Capital Villa Apartments, East Lansing, MI – This 172-unit multifamily apartment complex received a total of $8,160,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is within walking distance to Michigan State University and has a concentration of students. Amenities include an outdoor pool, a fitness center, a computer lab, indoor bike storage, Wi-Fi access, a common laundry facility, a private study room and designated picnic areas with gas grills. The loan was originated by Michael Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.
* Burnt Tree Apartments, East Lansing, MI – This 96-unit multifamily property received $3,750,000 funded under the FHA 223(f) product line. The 35-year refinance loan amortizes on a 35-year schedule. The complex is a garden-style property located within close proximity to Michigan State University. Amenities include common laundry rooms in each building, on-site parking, a playground and a picnic area with a grill and picnic table. The loan was originated by Michael Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.
* Country View Apartments, Savage, MN – This 58-unit multifamily property received $3,057,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. The complex is a garden-style property located approximately 20 miles southwest of Minneapolis, MN. Amenities include a common area laundry, a playground, a swimming pool and additional storage lockers. The loan was originated by Phillip Gause, Director in Arbor’s Philadelphia, PA, office.
* Arbors at Evansville Apartments, Evansville, IN – This 150-unit multifamily property received $2,960,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. The complex provides either a balcony or patio for all units and is approximately two hours from Louisville, KY.
* Arbors at Red Bank Apartments, Evansville, IN – This 88-unit multifamily property received a total of $2,360,000 funded under the FHA 223(f) product line. The 30-year refinance loan amortizes on a 30-year schedule. All units have a balcony or patio and the complex includes on-site maintenance and a common laundry room.
“As seen by our most recent group of funding transactions, Arbor’s robust FHA financing platform has been able to deliver diverse loan products to suit our borrowers’ unique needs throughout the country,” said Joseph Donovan, Arbor’s Senior Vice President and Director of FHA Lending. “From refinance to new construction, the FHA platform is consistently able to achieve the financial goals multifamily borrowers seek in today’s strong market.”
As an approved FHA Multifamily Accelerated Processing ("MAP") Lender, Arbor’s FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis. Arbor also offers the unique “Bridge to HUD/FHA Exit” program. This program is designed to effectively solve the timing issue associated with closing FHA loans by providing a bridge loan to facilitate a quick closing on an acquisition. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate a maximum FHA refinance loan.
About Us Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender and a HUD-Approved LIHTC Lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $10.4 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List. Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com. Contact: Chris Ostrowski Tel: (516) 506-4255 [email protected]