Dealmaker: Arbor Funds $104M in Fannie Mae Loans in California
Arbor Realty Trust, New York, funded 10 Fannie Mae loans in California. The multifamily properties received $104.1 million in financing.
Stephen York, Vice President in Arbor’s New York City office, originated the loans. “Our client was looking to unlock trapped equity in a number of properties and redeploy that capital into a number of acquisitions,” he said.
Among the subject properties, Boulder Springs Apartments in Fresno received $17.6 million in acquisition funding through the Fannie Mae Streamlined Rate Lock program. The 176-unit property was built close to Forestiere Underground Gardens in 1986.
Shadow Ridge Apartments in Bakersfield received $16.5 million in refinancing through the Fannie Mae Small Loan Streamlined Rate Lock program.
Mountainview Villas in Santa Rosa received $15.1 million in refinancing through the Fannie Mae Streamlined Rate Lock program. The 78-unit garden-style community includes one-, two- and three-bedroom floorplans.
Park West Townhomes in Petaluma received $14 million in refinancing through the Fannie Mae Streamlined Rate Lock program. Built in 1972, the 71-unit garden property is near Petaluma’s Theatre District.
Summerset Village Apartments in Fresno received $9.3 million in acquisition funding through the Fannie Mae Delegated Underwriting and Servicing program. The garden-style property has 211 one- and two-bedroom units.
Garden East Apartments in Modesto received $9.2 million in acquisition funding through Fannie Mae’s DUS program. Built in 1976, the 92-unit remodeled property is a gated community.
Maple Grove in Fresno received $9.2 million in acquisition funding through the Fannie Mae DUS Green Rewards program. The 120-unit property is close to demand driver Fresno Pacific University.
In Bakersfield, three properties received refinancing funds through Fannie Mae’s Small Loan Streamlined Rate Lock program. Highland Oaks Apartments received $4.9 million, Ming Garden Apartments received $4.9 million and The Sunset Apartments in Bakersfield received $3.4 million. All three properties are close to the Buena Vista Museum of Natural History.
