Arbor Realty Trust, a leading multifamily and commercial mortgage lender, recently funded 11 loans totaling $24.5 million under the Fannie Mae Small Loans program:
• Humani Court, Lake Park, FL. This 60-unit, two-story building offers easy access to local transit, shopping, parks and educational institutions. Built in 1975, the property received $5.5M in acquisition funding.
• Westwood Apartments, Durango, CO. This property is close to downtown Durango, with access to walking paths, mountain biking trails and entertainment. The property received $4.3M in refinance funding.
• Essex Avenue/Cottage Grove Avenue/Eberhart Avenue, Chicago, IL. This complex is comprised of three buildings and 77 units. Located on the South Side of Chicago, the properties received $2.4M in acquisition funding.
• Phoenix Apartments, Lexington, KY. This 72-unit, three-story property features amenities such as high speed internet access, air conditioning and ceiling fans, and a pool. Built in 1964, Phoenix Apartments received $2.3M in acquisition funding.
• Branders Bridge Townhomes, Colonial Heights, VA. Built in 1992, this 64-unit, two-story community offers renovated homes with new appliances and large bedrooms with ceiling fans. Funded through a $1.9M acquisition loan, Branders Bridge is close to local transportation options.
• 6938 South Clyde Avenue, Chicago, IL. Built in 1928, this three-story apartment building received $1.8M in acquisition funding. It is located near a variety of restaurants and shopping venues.
• Cedarvale Apartments, Bakers Field, CA. This 40-unit, two-story building features balconies and patios, with easy access to local shopping, parks and recreation. The loan provides $1.6M cash-out refinancing.
• Sandstone Apartments, Weatherford, TX. Built in 1968, this 26-unit, two-story multifamily property received $1.3M in refinance funding. The community has several shopping alternatives nearby.
• Twin Pines at Mather Station (El Caprice), Cordova, CA. Built in 1972, this 12-unit, two-story complex received $1.3M in acquisition funding and features high speed internet access, dishwashers, balconies and convenient access to transit and local shopping.
• 7822 South Shore Drive, Chicago, IL. A 20-minute commute from downtown Chicago and three blocks from the lakefront, this property is in an up-and-coming neighborhood that’s close to public transportation, shopping and dining. The loan provided $1.1M in acquisition funding.
• 6751 South Chappel Avenue Chicago, IL. These apartments are close to local schools, groceries, coffee shops and restaurants, as well as a nature sanctuary. A vintage building constructed in 1916, 6751 Chappel Avenue was funded through a $1M acquisition loan.
Jared Stein of Arbor’s New York City office originated all of the loans. He commented, “This extensive portfolio exemplifies our leadership role in the Fannie Mae Small Loans market, as well as our ability to satisfy our clients’ needs all across the country. The aggressive financing clearly demonstrates our ongoing commitment to meeting the needs of the growing workforce housing sector.”