Dealmaker: Arbor Realty Trust Funds $57M in Fannie Mae Loans

Arbor Realty Trust, Uniondale, N.Y., funded $57.1 million in Fannie Mae Delegated Underwriting and Servicing loans in Georgia and Nevada.

In Roswell, Ga., Arbor funded a $43.7 million Fannie Mae DUS Green Rewards Streamlined Rate Lock loan for Avia Riverside Apartments. The property received a 12-year fixed-rate loan with four years of interest-only payments followed by a 30-year amortization schedule. 

Stephen York from Arbor’s New York City office originated the loan.

“Our client came to us during a time of market fluidity,” York said. “Their primary goal was to achieve optimal leverage and the flexibility to secure an early rate lock.”

York noted the Green Rewards Streamlined Rate Lock product allowed Arbor to underwrite the property’s projected utility savings, “which in turn allowed us to improve and maximize our loan amount,” he said. “It also gave our client the ability to rate lock at a favorable time during the underwriting process when Treasuries dipped.”

Built in 1972, Avia Riverside Apartments were renovated between 2013 and 2015. The 396-unit garden-style property sits on bluffs overlooking the Chattahoochee River.

Arbor also funded another Fannie Mae DUS Green Rewards loan in Las Vegas. Mid-rise multifamily property Echelon at Centennial Hills received $13.4 million in 10-year fixed-rate financing. 

Greg Gillam from Arbor’s Manhattan Beach, Calif., office originated the loan. He said Echelon at Centennial Hills is unlike the typical garden-style apartment properties generally seen in the Las Vegas market. “This presented a layer of complexity in terms of finding suitable comparative properties for appraisal,” he said.     

Built in 2008, Echelon at Centennial Hills has one, two, three- and four-bedroom units.