Dealmaker: Arbor Funds $25M in Small Balance Loans

Arbor Realty Trust, Uniondale, N.Y., funded $24.7 in Fannie Mae and Freddie Mac small balance multifamily loans .

The firm funded a portfolio of Fannie Mae Delegated Underwriting and Servicing small balance loans in Kentucky. The nine properties total 606 units and received $16.5 million in 10-year fixed-rate funding through the program.

Matthew Madacsi, Originator in Arbor’s New York office, originated the loan. The portfolio included Glenn Street Apartments, Ora Lane Apartments, Black Oaks Apartments, Cardinal Point Apartments, Colony Drive Apartments, Jordan’s Crossing Apartments and Willow Oaks Apartments in Paducah and Live Oaks Apartments and Red Oaks Apartments in Murray.

Arbor also funded $6.7 million in Freddie Mac small balance loans for a three-property Michigan portfolio. The 154-unit portfolio included Troy Village Apartments in Troy, which received $1.1 million in funding, Pointe Place Apartments in Taylor, which received $3 million in funding and Truman Village Apartments in Rockwood, which received $2.5 million.

Arbor Vice President David Galst originated the 20-year loan with a fixed rate for the first 10 years. “The loan facilitated the removal of a vacant lot adjoining one of the properties which was encumbered by the prior lender,” he said.

In Sumner, Wash., Arbor Realty Trust funded a Freddie Mac Small Balance Loan. Cavalla Apartment Homes with 72 units received a $7.5 million refinance loan with a 10-year hybrid term. Arbor Vice President Jonathan Chaim originated the loan from the firm’s New York office.