Arbor Realty Funds $19.7M in Financing for Affordable Housing Properties Across the United States
STOCKTON, SONORA AND JAMESTOWN, CALIF., HICKORY, N.C., AND SHREVEPORT, LA. — Uniondale, N.Y.-based Arbor Realty Trust has funded five loans totaling $19.7 million under the Fannie Mae DUS Multifamily Affordable Housing product line for properties across the United States.
The borrower was Apartment Corp., a privately held real estate investment firm with a portfolio exceeding 20,000 units. Apartment Corp. is using the loans for both refinancing and acquisition purposes. Alexander Kaushansky of Arbor Realty Trust arranged the financing.
The transactions involved are:
- $3 million in refinancing for Pacific Pointe, an 80-unit Low-Income Housing Tax Credit (LIHTC) property in Stockton.
- $3.7 million in refinancing for Granite Ridge, an 80-unit LIHTC property in Stockton.
- $3.7 million in acquisition financing for Silver Spring Terrace, a 100-unit LIHTC property in Hickory.
- $2.7 million in acquisition funding for Yorkshire & Windsor Village, a 132-unit LIHTC property in Shreveport.
- $6.7 million in refinancing for the Sonora Portfolio, a three-property, 220-unit LIHTC portfolio in Sonora and Jamestown.