Trending Multifamily News
Blue Magma Residential acquired the property from CapReit
Berkadia announces it has arranged the sale and financing of a 1,002-unit apartment community in Memphis, Tennessee. Senior Director Patrick Jordan of Berkadia’s Memphis office represented the seller, CapReit, a leading multifamily real estate company with offices in suburban Washington D.C. and Center City Philadelphia. Blue Magma Residential, a Tampa-based real estate firm with $1 billion in assets under management, acquired the property for an undisclosed price.
Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia Miami secured acquisition financing on behalf of Blue Magma. Arbor Realty Trust originated the $82 million bridge loan. The non-recourse, floating-rate three-year interest-only loan includes two one-year extension options.
“Blue Magma dipped their toes in the Memphis multifamily arena a few years ago, but has just made a considerable splash with the acquisition of the 1,002-unit Waterview Apartment Homes,” said Jordan. “This community offers multi-tiered opportunities for value creation through both interior and exterior improvements. Blue Magma offers a signature style that pairs well with a resilient Memphis market experiencing tremendous growth.”
Added Foschini, “The borrower has a long history in the market with a proven track record in the successful repositioning of workforce housing communities. In a competitive market, the lender who has worked with them before provided terms that were class-leading to win the transaction.”
Located at 6860 Quince Road, Waterview Apartment Homes was built in 1985 and offers one- and two-bedroom apartments ranging from 533 square feet to 1,160 square feet. Individual units are cable ready and feature vaulted ceilings, ceiling fans, and in some units, washer/dryer, wood-burning fireplaces, and built-in bookshelves. The pet-friendly community amenities include 22 acres of lakes with water features, lighted tennis courts, a fitness center, indoor and outdoor resort-style pools and spas, and a sundeck and lounge area. The community is conveniently located in Southeast Memphis, close to I-240 and Bethel University and approximately 25 minutes from the downtown.
UNIONDALE, NY (January 31, 2018) - Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, recently funded a $88M refinance for a portfolio located in Los Angeles, CA through the Freddie Mac Small Balance Loan (SBL) Program.
The portfolio consists of over 660 multifamily units across 26 properties.
“We are extremely proud of this transaction, as it is a true reflection of our expertise and commitment to this market,” said John Caulfield, Chief Operating Officer, Agency Lending, Arbor Realty Trust, Inc.“ The Freddie Mac SBL Program once again has demonstrated its effectiveness in preserving affordable housing stock in an otherwise high-cost market. Together with a valued repeat client and our Freddie Mac partnership, this transaction has helped preserve critical workforce housing for thousands of residents.”
“Freddie Mac was pleased to partner with Arbor and a repeat sponsor in supporting affordable workforce housing in Los Angeles County,” said Russell Dines of Freddie Mac Multifamily’s Small Balance Loan business. “The financing of smaller, older-vintage apartment buildings like these is vital to ensuring the availability of affordable housing. The combined partnership on this portfolio enabled us to finance 660 units in total, and a substantial number of the units will be affordable to low- and moderate-income households.”
UNIONDALE, NY (January 8, 2019) - Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, is pleased to announce the appointment of Scott Chamberlain as Vice President, Sales. Mr. Chamberlain will be responsible for originating FHA, Fannie Mae, Freddie Mac and bridge loan transactions nationwide.
Mr. Chamberlain comes to Arbor with more than 40 years of multifamily lending experience and deep expertise in originating FHA loans. In his most recent position with PR Mortgage & Investments, he served as Senior Vice President, responsible for handling FHA multifamily loan origination. Prior to this role, he served as Senior Managing Director and Branch Manager at Berkadia for over 16 years. Mr. Chamberlain received a Bachelor of Science in Accounting from Weber State College.
“With over 40 years of experience and a proven track record of success in the FHA multifamily lending space, Scott will help support Arbor’s strategic growth plans as we continue to build our reputation as a top agency lender,” said Frank Lutz, Executive Vice President, Chief Production Officer, Arbor Realty Trust. “Scott will provide Arbor with a great opportunity to expand its presence and market share, and we look forward to having him as part of our successful and growing company.”
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in Fannie Mae, Freddie Mac and other government-sponsored enterprises, as well as CMBS, bridge, mezzanine and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and flexibility and dedicated to providing our clients excellence over the entire life of a loan.
UNIONDALE, NY December 17, 2018 - Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, recently closed five deals totaling $48.8M, spanning over 775 multifamily units in South Carolina, with the joint venture of Friedlam Partners and EBEX Holdings.
“At Arbor, our clients are our partners and we will go above and beyond for them,” said Alex Kaushansky, Vice President, Originations at Arbor Realty Trust Inc. “Our ability to utilize multiple loan products to meet the needs of our partner is what has grown this partnership.”
The transactions included:
Willow Glen, a 96-unit property located in Rock Hill, SC, received a $5M acquisition loan under the Freddie Mac Small Balance Loan program.
The Gramercy and Fields Riverview, adjoining properties totaling 292 units located in Rock Hill, SC, received $19.3M in bridge financing.
Carolina Crossing, a 267-unit property located in Rock Hill, SC, received $17.5M in acquisition funding through the Fannie Mae Green Financing® program.
Summer Creek, a 120-unit property located in Goose Creek, SC, received a $7M acquisition loan under the Fannie Mae Green Financing® program.
“We at EBEX Holdings were extremely pleased to work with Arbor Realty Trust on these multiple transactions,” said Evan Goldenberg, Principal, Ebex Holdings. “We were presented multiple product choices by Alex to service the different needs of our transactions, which made the process of securing financing for these properties much easier than expected.”
“Securing financing for multiple acquisitions is not a simple process, but Arbor went above and beyond to make the process as seamless as possible,” Nathan Friedman, Principal, Friedlam Partners. “We have a long-standing partnership with Arbor and look forward to continuing to grow it.”
UNIONDALE, NY December 3, 2018 - Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, is pleased to announce its participation in this year’s Information Management Network (IMN) The Single Family Rental Investment Forum (SFRIF) West.
IMN SFRIF West is an industry-leading event that brings together key market participants including REITs, Funds, Aggregators, Fix and Flippers, Note Buyers and Institutional Investors together for thoughtful debate and countless networking opportunities. Arbor will be represented by Jason Scott, Managing Director South Region and Carl Koebler, Assistant Vice President, SBL and SFR Screening. Information about Arbor’s participation is below:
- December 4, 2018, 11:05 AM Track B Short Term/Bridge for Rental Housing panel discussion – Jason will be participating in a panel discussion with industry leaders that will cover topics such as portfolio purchases, appraisals and valuation evaluation and the purchase of long-term debt.
- December 4, 2018, 11:50 AM Track A Long-Term Financing: Debt Financing Source Comparison panel discussion – Carl will be participating in a panel discussion focused on topics such as the agency market, Fannie and Freddie affects on the market and locking in debt before the rates rise.
Arbor Commercial Mortgage ("Arbor"), an established leader involved in many facets of the real estate industry, today announced the public launch of its new company, ArborCrowd. ArborCrowd is a real estate crowdfunding platform that brings exclusive and highly coveted commercial real estate investment opportunities, vetted by ArborCrowd's experienced professionals, to millions of new potential investors. ArborCrowd targets accredited investors and opens up quality equity investment opportunities previously available only to institutions and high net worth individuals.
ArborCrowd leverages recent legislative changes and a desire to implement new technologies into its business with the thirty-year long track record of Arbor's family of companies. The first public opportunity to participate in the ArborCrowd platform comes with the repositioning of a three-building, 79-unit multi-family portfolio in the Clinton Hill neighborhood of Brooklyn.
"Crowdfunding represents the next generation of real estate investing," said ArborCrowd Managing Director Adam Kaufman. "Unfortunately, too many players in the field lack experience and proven track records in what matters most – the actual real estate – leaving investors with potentially more risk and less upside in less desirable properties. ArborCrowd only presents fully vetted opportunities in strong markets that allow accredited investors to participate right alongside Arbor and its carefully selected sponsors."
ArborCrowd's first public opportunity was recently acquired by deal sponsors Arbor Management Acquisition Company ("AMAC") and Stone Street Partners ("SSP"). AMAC is a national commercial real estate investor with experience — and a solid track-record — in sourcing, acquiring, managing, developing, rehabbing and disposing of commercial real estate, including stabilized, distressed and value-add assets. AMAC and SSP have already commenced an extensive rehabilitation of the properties. The opportunity for ArborCrowd investors is a $4,000,000 million equity stake with a projected three- to five-year hold period and a targeted internal rate of return of 12% to 15%. This first transaction follows a soft launch of a multifamily property in Manhattan to a small group of investors which was fully funded and oversubscribed in just eight days.
"Technology continues to transform the way we transact business where now individual investors and experienced real estate sponsors can join together in an effortless and efficient manner that previously did not exist," said ArborCrowd CEO Ivan Kaufman, who also founded Arbor in 1983. "The ArborCrowd brand was born from our core business, and that is real estate. At ArborCrowd, it is our mission to offer a wider base of investors access to top tier investment opportunities while providing them with the knowledge and tools to confidently make investment decisions."
ArborCrowd.com features a robust education section that aims to arm potentials investors with industry related information and relevant topics in commercial real estate. At ArborCrowd.com, potential investors can easily create an account to browse the investment opportunities and review all the information needed to make their investment decision. The entire process – from registration to investment – can be completed entirely online from a home or office in just a few days.
"The rapid success of our soft launch confirms our belief that crowdfunding is the future of real estate investing and that experience matters," said Adam Kaufman. "Our easy-to-use and reliable technology is of course vital to our success, but deep knowledge of real estate and staying power – the Arbor family of companies has survived and thrived through numerous market cycles – is what places ArborCrowd in another league."