The back-to-back deal had borrowers Steve Oden and Sean Sorrell refinancing the 83-unit Braunfels Haus with a loan totaling about $2.7 million. They then bought the 97-unit Tanglewood Apartments in San Antonio. In all, the financing package totaled about $6.4 million.
Both loans have 10-year terms and amortize over 30 years. They carry interest rates of 7.44% and 7.16%. Arbor's acquisition financing was nearly $3.7 million.
Terri Anderson, a loan officer in the Dallas office of Uniondale, NY-based Arbor, originated the loans. Oden and Sorrell are first-time Fannie Mae borrowers that own "two well-positioned properties with great potential," he says.
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