Commercial Briefs

FASB Delays Effective Dates For New Lease Accounting Standard
The Financial Accounting Standards Board, Norwalk, Conn., delayed the effective date for its new lease accounting standard by one year.

The new lease accounting standard effective date moved to January 1, 2021 for companies on a calendar-year basis. Click here for more information.

Arbor Launches Single-Family Rental Portfolio Platform
Arbor Realty Trust, Uniondale, N.Y., launched a proprietary single-family rental portfolio lending platform.

Single-family rentals account for more than half of the nation’s nearly 44 million rental units and the sector has expanded its share of the overall housing market, becoming the fastest-growing segment of occupied rental households since the Great Recession.

Arbor’s SFR platform offers loan options including build-to-rent, bridge and permanent financing for SFR portfolios and multifamily properties of 20 units or less. The platform is for borrowers seeking loan amounts of $1 million or greater. Eligible properties include a minimum of five single-family units; single-family detached homes, townhomes and rowhomes; as well as duplexes, triplexes and quadruplexes built for residential use. Arbor’s SFR platform offers non-recourse and recourse loans with a permanent financing option offering five-, seven- and 10-year terms.

Duke Realty Issues First Industrial REIT Green Bond
Duke Realty Corp., Indianapolis, closed a $400 million green bond, the first of its kind in the United States offered by an industrial real estate investment trust.

“As a developer, we believe that we have a responsibility to minimize the impact our properties have on the environment, our customers and the communities in which we operate and live,” said Duke Realty Chairman and CEO Jim Connor.

Duke Realty plans to use proceeds from its 2.875 percent senior unsecured green bond to finance future or refinance recently completed eligible green projects. This may include green buildings, energy-efficiency projects, sustainable water and wastewater management systems, renewable energy projects, clean transportation solutions and pollution prevention and control. The bond will mature in 2029.