Charlotte Community Receives $22M Fannie Mae Loan
- Nov 28, 2018
Arbor Realty Trust Inc. has originated a $22 million Fannie Mae DUS loan for Pressley South End Apartments in Charlotte, N.C. According to Yardi Matrix data, Blackfin Real Estate Investors purchased the 504-unit community in 2017 using a $15.4 million Fannie Mae loan, following a bankruptcy action.
Located at 1210 Pressley Road, the property provides easy access to Interstate 77. Pressley South End features a mix of one- to three-bedroom apartments, ranging from 540 to 775 square feet. Amenities of the 44-building asset include a picnic area, playground, soccer field and basketball court.
“The sponsorship team was able to execute their business plan and add significant value to the property over the past year. As a result, Arbor and Fannie Mae provided the aggressive loan terms that this sponsor and asset warranted,” said James Fiesel of Arbor’s New York City office in prepared remarks. The deal was fixed for 12 years with an interest-only period.
This month, Arbor Realty Trust also provided $5.6 million in Freddie Mac financing for the acquisition of The Forest Apartments, a 113-unit asset in Jacksonville, Fla.
Image courtesy of Yardi Matrix