TODAY’S DEALS: Arbor Closes over $4M Fannie Mae DUS Loan for 204-Unit Rental Community, and Other Transactions
- Nov 21, 2008
By Anuradha Kher, Online News EditorHouston–Arbor Commercial Funding LLC recently arranged a $4,699,500 loan under the Fannie Mae DUS product line to finance the 204-unit Sebring Apartments, located in Houston.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.58 percent. “There were several major hurdles to overcome in closing this loan on terms for the client–including the after-effects of Hurricane Ike, which swept through the area during the underwriting process,” says Matt Norman, vice president in Arbor’s lending office in Dallas. 245-Unit Condo Property Sold at U.S. Bankruptcy Court AuctionTampa, Fla.–Cushman & Wakefield recently arranged the sale of the majority of The Place at Channelside, a 245-unit condominium community in Tampa, Fla. Channelside L.L.C., a joint venture of Southwest Properties and Armco Capital, and two Canadian development companies based in Nova Scotia, acquired the newly developed property at a U.S. Bankruptcy Court auction arranged by Cushman & Wakefield Apartment Brokerage Services and Fisher Auction Co. Inc. Hendricks & Partners Arranges Sale of 150-Unit Rental CommunityBeaumont, Texas–Hendricks & Partners recently arranged the sale of the 150-unit Park Shadows, located at 1075 Pinchback Rd. in Beaumont, Texas. Park Shadows Apartments is a project-based Section 8 (HAP) apartment community. Its purchase was financed with Section 42 Low-Income Housing TaxCredit equity and tax-exempt bond financing.The buyer, Beaumont Leased Housing Associates I, Limited Partnership (Dominium), will be completing a substantial rehabilitation of Park Shadows over the next 12 months. The Park Shadows purchase is one part of a three-property portfolio that Dominium is purchasing in Houston and Beaumont as an introduction into the Texas marketplace.