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Green rewards program affords developer some loan flexibility

Arbor Realty Trust, a real estate investment trust and national direct lender, announced the combined funding of $20,190,000, under the Fannie Mae DUS Green Rewards and Freddie Mac SBL product lines.

The funding was provided to New Jersey-based Friedlam Partners for the acquisition of Crown Point

Luxury Apartment Homes, a 311-unit portfolio with multiple locations in Concord and Salisbury, North Carolina.

The Freddie Mac SBL acquisition loans provide fixed rate, 10-year terms with three-years of interest only and a step-down prepay while the Fannie Mae DUS Green Rewards loan offers a fixed rate 12-year term with three years of interest only.

The loans were originated by Alexander Kaushansky, Vice President, in Arbor’s New York office.

“The Fannie Mae Green Rewards program provided a lot of flexibility with prepay terms and eliminated extra points. By combining it with the Freddie Mac SBL for the remaining fifty percent of the financing, Arbor was able to provide the perfect solution,” Kaushansky said.

“Arbor’s ability to meet the unique needs of our clients deal after deal and time after time is why our clients come back to us.”

The Crown Point Luxury Apartment Homes are equipped with modern amenities including ceramic tile backsplashes, stainless steel appliances, patios/balconies, fire pits, playgrounds, swimming pools, business centers, and clubhouses

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