Arbor Funds a Series of Loans in the Southwest and Tennessee

Arbor Commercial Funding originates $37.5 million for properties in California, Texas and Tennessee; Centerline provides a $24 million acquisition loan for Massachusetts mid-rise; and NorthMarq Capital secures $17 million in financing that was highly sought by CMBS lenders.
La Quinta Apartments

La Quinta Apartments

Manhattan Beach, Calif.—Greg Gillam, a vice president in Arbor Commercial Funding’s Manhattan Beach, Calif., office recently originated eight loans totaling $37.5 million. Six of the transactions were for properties in Southern California, one was for a property in Texas, and another was for a property in Tennessee.

Riverton of the High Desert

Riverton of the High Desert

 

“The multifamily market’s fundamentals from California to Texas continue to improve, enabling investors to obtain attractive financing for their properties through multi-faceted lenders such as Arbor, which offers uniquely diverse and flexible loan products,” Gillam says. “With this most recent group of deals in particular, we noticed a decided increase in acquisition activity as investors continue to increase their appetite for multifamily assets.”

Individual transactions are detailed below:

  • Riverton of the High Desert, Victorville, CA – This 220-unit multifamily property received $15.2 million funded under the Fannie Mae DUS ARM 7/6 Loan product line. The seven-year acquisition loan amortizes on a 30-year schedule.
  • La Quinta Springs Apartments, Indio, CA – This 80-unit multifamily property received $6.1 million funded under the Fannie Mae DUS Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
  • Vista Del Sol, Pleasanton, CA – This 73-unit multifamily property received $5.5 million funded under the Fannie Mae DUS Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
  • Watercrest at the Polo Fields (Casa Monroe), Indio, CA – This 226-unit multifamily property received $3.0 million funded under the Fannie Mae DUS Supplemental Loan product line. The eight-year loan amortizes on a 30-year schedule.
  • The Artesian Apartments, Bellflower, CA – This 26-unit multifamily property received $2.3 million funded under the Fannie Mae DUS Small Loan product line. The 12-year refinance loan amortizes on a 30-year schedule.
  • Village Green Apartments, Bakersfield, CA – This 40-unit property received $1.6 million funded under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
  • Parksvillas Apartments, Arlington, TX – This 103-unit multifamily property received $1.9 million funded under the Fannie Mae DUS Small Loan product line. The 12-year refinance loan amortizes on a 30-year schedule.
  • Silver Creek Apartments, Red Bank, TN – This 83-unit multifamily property received $1.9 million funded under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

Centerline provides $24M acquisition loan for Massachusetts mid-rise

Arlington, Mass.—Centerline Capital Group has provided a $24 million loan that facilitates the acquisition of Brigham Square, a newly built mid-rise community in Arlington, Mass., just outside of Boston. The 116-unit community is being acquired by U.S. Real Estate Investment Fund, a fund advised by Intercontinental Real Estate Corporation.

“Brigham Square is one of the best located suburban properties in the Boston area,” says Paul Donahue, managing director, mortgage banking at Centerline. “It has good visibility and is well located next to Minuteman Bikeway which runs from Cambridge out to the historic neighborhoods of Lexington, providing attractive commuting options for residents of the property. Within a half-mile of the property are convenient amenities including a major supermarket and a variety of excellent restaurants. The Boston-area apartment market remains strong with the state having gained 47,000 new residents in the last year. These factors, in combination with the property’s curb appeal, and strength of the borrower made this a solid deal for Centerline.”

Seventeen of the property’s units are considered affordable. There are 165 total parking spaces (89 garaged). The amenity package includes an elevator, great room with wet bar, a media room, pool table, fitness center, and video game area with Wi-Fi.

NorthMarq secures $17M in financing highly sought by lenders

Denver– Gregory T. Benjamin, senior vice president of NorthMarq Capital’s Denver regional office, arranged $17 million financing for The Preserve at Greenway Park Phase II, located at 2079 Preserve Circle, Casper, Wyo. Financing for the multifamily property was based on a 10-year term and 30-year amortization schedule.

Constructed in 2012-2013, Phase II consists of 160 units in 14, two and three-story buildings. Floor plans range from 650-1,300 sq. ft. Community amenities, shared with Phase I, include a clubhouse, business and fitness centers, clubhouse recreation area, swimming pool and playground. Phase II features a small pool, as well as 105 detached garages. The Phase II units have microwave ovens and washer/dryers with most units having a built-in computer desk and large oval tub.

“Preserve at Greenway, being a Class A new construction project and sub-70 percent LTV, was a highly sought-after mortgage investment by multiple CMBS lenders,” said Benjamin.