The FHA-insured funding arranged by Arbor for the development of this luxury, high-end market rate, townhouse style apartment development incorporated the benefits of both a 22-year tax increment financing district as well as a builder sponsor profit and riskallowance credit.
Following the construction period, the loan will convert to a 40-year, fully-amortizing structure at a note rate of 7%. The loan was originated by Ralph Daruns, regional director in Arbor's full service Dallas office, and was managed through the FHA approval process by Jim Boris, FHA regional director.
Daruns foresees FHA increasing its market share in 2002 in multifamily lending. Uniondale, NY-based Arbor Commercial Mortgage provides debt and equity financing for multifamily rental complexes, senior and affordable housing, hotels, office industrial and retail properties.
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