New Orleans Community Lands Fannie Mae Refi

The $7.7 million financing will be used to retire an existing debt taken out in 2013.
Skyview Terrace

Arbor Realty Trust has originated a $7.7 million Fannie Mae MAH loan for the 159-unit Skyview Terrace in New Orleans. The financing includes a 10-year fixed rate, with three years of interest only payments. 

Yardi Matrix information shows the loan will retire the existing $5.2 million, Wells Fargo Bank-originated debt, set to mature in 2023. The owner—a private investor from Florida—took out the financing in 2013.

Located at 3401 Garden Oaks Drive, the fully-affordable community is within walking distance of several retail and dining options, while being roughly 7 miles east of the French Quarter. Completed in 1975 on a 4.4-acre site, the asset comprises one-, two-, three- and four-bedroom apartments with floorplans ranging from 455 to 1,222 square feet. Common-area amenities for the 11 two-story buildings include two laundry facilities and on-site management.   

Austin Walker from Arbor’s New York office originated the financing for the owner. Recently, the company provided a $19.6 million acquisition loan to Topaz Capital Group for the purchase of Plaza Apartments in Jacksonville, Fla.