TODAY’S DEALS: Arbor Closes Two Fannie Mae DUS Loans Totaling $6.8M, and Other Transactions

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By Anuradha Kher, Online News EditorCharlotte, N.C.–Arbor Commercial Funding LLC recently funded two loans totaling $6,675,900 under the Fannie Mae DUS product line. These loans include:$2,680,000 under Fannie Mae DUS for Woodfield Gardens, a 132-unit community located in Charlotte, N.C. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6…

By Anuradha Kher, Online News EditorCharlotte, N.C.–Arbor Commercial Funding LLC recently funded two loans totaling $6,675,900 under the Fannie Mae DUS product line. These loans include:$2,680,000 under Fannie Mae DUS for Woodfield Gardens, a 132-unit community located in Charlotte, N.C. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent. $3,995,900 under Fannie Mae DUS for Milton Road Apartments (pictured), a 231-unit complex, located in Charlotte, N.C. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6 percent.UIP Acquires 94-Unit Community for Over $4MWashington, D.C.–Urban Investment Partners (UIP) has acquired Courtyard Park Apartments, an apartment community located just outside the District line in Hyattsville, Prince Georges County, Md. UIP acquired the property in partnership with Stonebridge Investments B.V. of the Netherlands for $4.1 million, or $43,617 per unit. The seller was CYP, Inc. of Maryland. The acquisition was made for Washington Residential Fund III (WRF III). Courtyard Park is a 94-unit, garden-style community located at 4201-4213 Oglethorpe St. Hyattsville, which has undergone substantial mixed-use redevelopment in recent years focused on a new “arts district.” Courtyard Park Apartments is currently 97 percent occupied.The property will be managed by UIP’s in-house property management group, UIP Property Management Inc. UIP’s in-house general contractor, UIPGC, Inc., will undertake a limited capital improvement program to include electrical upgrades, landscaping improvements and grading, signage improvements and parking lot improvements.

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