Dealmaker: Arbor Funds $106M in Freddie Mac, Fannie Mae Loans

Arbor Realty Trust, Uniondale, N.Y., funded $106.3 million in Freddie Mac and Fannie Mae loans for Virginia and Utah multifamily assets.

Jason Scott of Arbor’s Atlanta office originated three Freddie Mac conventional loans totaling $79.6 million for three Virginia properties. All three loans came with 10-year terms.

Scott said trends point to increased demand for suburban living, noting lower density markets offer growth potential.

The loans included $28.2 million for Chesapeake Bay Apartments in Newport News, Va. Built in 1987, the 300-unit, three-story complex was renovated in 2019.

Located 15 minutes from Richmond, Hanover Crossing in Mechanicsville, Va., received $26.7 million in Freddie Mac funds. Also built in 1987 and renovated in 2019, this two-story, 220-unit property includes private balconies and patios.

Wilde Lake apartments in Richmond, Va., received $24.7 million. Built in 1989 and renovated in 2019, the property has one-, two and three-bedroom units with lake access.

Arbor also funded four Fannie Mae Delegated Underwriting and Servicing Small Loans in Utah. The properties, totaling 120 units, received $9 million in refinancing.

Austin Walker of Arbor’s New York City office originated the loans.

Sandbox Apartments in Salt Lake City received $1.6 million. Twin Terrace and Scotsman Village apartments in Logan received $5 million and Meadow Park in Tremonton received $1.3 million. Logan Canyon in Logan received $1.1 million with a 10-year term.