TODAY’S DEALS: Arbor Closes $17.5M Fannie Mae DUS ARM Loan, and Other Transactions
- Mar 20, 2009
By Anuradha Kher, Online News EditorShreveport, La.–Arbor Commercial Funding LLC recently completed funding of a $17.5 loan under the Fannie Mae DUS ARM product line to finance the 168-unit complex known as Reflections of Island Park (pictured) in Shreveport, La.The 10-year loan amortizes on a 30-year schedule and carries an adjustable note rate of 4.58 percent. Avant Capital Closes $4.575M Bridge Loan for Acquisition, Renovation of 209-Unit Rental CommunityOklahoma City, Okla.–Avant Capital Partners has closed a bridge loan of $4,575,000 for the acquisition and renovation of a 209-unit apartment complex in Oklahoma City, Okla. The interest-only loan was secured through Avant’s relationship with a community bank at 5.25 percent. The loan is convertible to permanent financing upon completion of the renovation and lease-up. The loan was based upon 70 percent loan-to-cost.”Multifamily financing is not just about Fannie Mae, particularly for properties in transition, so investors and sales brokers who are relying upon that single source of liquidity will be at a relative disadvantage in the marketplace,” says Avant’s Managing Principal Adam Luysterborghs. This property was 40 percent occupied at the time of acquisition, but was located in a desirable submarket of Oklahoma City and presented the sponsors with an opportunity to turn around an underperforming asset with substantial upside.