Dealmaker: Arbor Originates $82M

Arbor Realty Trust, Uniondale, N.Y., originated $81.9 million for multifamily and medical assets in three states.

In Texas, Arbor funded a $35.9 FHA refinancing for Nottingham Village, a 317-unit multifamily property in Houston.

Arbor Vice President of Originations Ronen Abergel arranged the 35-year fixed-rate financing under the FHA 223(f) program. “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. But the combination of HUD’s “favorable” terms and Arbor’s balance sheet bridge loan platform achieved the borrower’s objective.

Built in two phases in 1971 and 1983, Nottingham Village includes 44 garden-style buildings on 16 acres.

Arbor also funded a Fannie Mae Delegated Underwriting and Servicing loan in Knoxville, Tenn. Sunset Rill Apartments, a 180-unit property, received $4.4 million in acquisition funding. The seven-year fixed-rate loan included a 30-year amortization schedule.

Matt Madacsi, an Originator in Arbor’s NewYork office, originated the loan.

In Syracuse, N.Y., Arbor funded a $41.6 million bridge loan for James Square Health and Rehabilitation Center, a 440-bed skilled nursing facility.

VestraCare, New York, acquired the property last year and plans to appoint a new property administrator, rebrand the community and invest more than $4 million in capital improvements as part of an overall repositioning strategy.

Alexander Kaushansky, Vice President of Originations, arranged the 36-month loan, which was underwritten with plans for a HUD takeout loan upon completion of VestraCare’s business plan.

“James Square is a well-located property in close proximity to Syracuse’s medical district that unfortunately has experienced more than its fair share of struggles,” VestraCare Principal Edward Farbenblum said. “We were quickly able to identify several areas for physical and operational improvements.”

EBEX Holdings Principal Evan Goldenberg assisted with the financing. Meridian Capital Group Managing Director Ari Dobkin represented Farbenblum.