Arbor Funds $39.4M Fannie Mae Acquisition Loan in California
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The loan was originated by Greg Gillam, Vice President in Arbor’s Manhattan Beach, CA, office. “The buyer of Acacia Park Apartments is a long-term Arbor client, with whom we have closed dozens of deals over the years,” Gillam said. “In this deal, the buyer required a certain amount of financing customization, which is standard on all Arbor loans. We were pleased to be able to help provide the optimal financial solution, including the best available terms, to the borrower for their great investment.”
Acacia Park Apartments consists of 24 buildings and such amenities as a clubhouse with a fitness center, a billiards table and restrooms with showers; two outdoor pools and spas; a tennis court; a volleyball court; a basketball court; as well as a barbeque area with gas grills.
“We believe Acacia Park Apartments represents a great investment, as it is a well-operated, stabilized asset that recently underwent $2 million in renovations. We see much upside potential in the property and we plan on continuing renovations upon the turn of each unit, adding granite countertops, updated fixtures and cabinets and wood flooring along the way,” explained Eric Sussman, co-owner of the property. “As always, our long-term financial partner Arbor worked hard to customize the specific financing we needed to make this deal a tremendous investment not only now but for the future. They uniquely understand our goals deal after deal.”
About Us
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a 2013 Top 10 Fannie Mae DUS® Multifamily Lender by volume, a Freddie Mac Program Plus® Seller/Servicer and Small Balance Loan lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge and Mezzanine lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of more than $11 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s and holds an Above Average rating from Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com.
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