Dealmaker: Arbor Realty Trust Funds $33M

Arbor Realty Trust, Uniondale, N.Y., funded five loans totaling $19.7 million under the Fannie Mae Delegated Underwriting and Servicing Multifamily Affordable Housing product line.

Alexander Kaushansky, Vice President of Originations at Arbor Realty Trust, arranged the financings. He noted the Fannie Mae DUS Multifamily Affordable Housing product offered “flexible and competitive terms” qualified affordable housing borrowers.

Privately held real estate investment firm Apartment Corp., Los Angeles, borrowed the refinancing and acquisition funds.

The transactions included:
–Pacific Pointe and Granite Ridge in Stockton, Calif. Built in 1971, 80-unit Pacific Pointe received a $3 million refinancing. Granite Ridge received $3.6 million in Fannie Mae funds.

–Silver Spring Terrace in Hickory, N.C., a 100-unit combination Section 8 Housing Assistance Program and Low-Income Housing Tax Credit property, Silver Spring Terrace received $3.6 million in acquisition financing.

–Yorkshire and Windsor Village in Shreveport, La., received $2.6 million in Fannie Mae acquisition financing. In addition to rent restrictions, the property will keep at least 15 percent of units available to accommodate large families and at least 25 percent of units will serve special needs groups such as the elderly and people with disabilities.

–The Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown, Calif., received $6.7 million. The borrower has invested $460,000 in property upgrades since 2016.

Arbor also funded a refinancing loan in East Lansing, Mich. Glenwood Apartments received $13 million for refinance cash out. The FHA 223(f) loan was structured with a fixed-rate 35-year term.

Michael Jehle, Vice President in Arbor’s Edmond, Okla. office, arranged financing for the 138-unit property. Located near Michigan State University and Lansing Community College East, Glenwood Apartments’ two- to four-bedroom rentals historically have seen full occupancy.