Freddie Mac's new headquarters.
UNIONDALE, NY—Locally-based Arbor Realty Trust, Inc. reports it has closed three single-family rental portfolio financing deals totaling $66.4 million under the Freddie Mac Single-Family Rental pilot. The transactions span properties in nine states.
Arbor provided $51.3 million in financing for the Reven SFR Portfolio, an 824-unit portfolio located in Jacksonville, FL; Memphis, TN; Atlanta, GA; Birmingham, AL and Houston, TX under the Freddie Mac Single-Family Rental pilot. The transaction provides a seven-year fixed rate with a 30-year amortization schedule. A total of 97% or 799 residential units are affordable for low-income families earning at or below 80% of the Area Median Income (AMI) and 100% are affordable to families earning 100% of AMI. Jason Scott of Arbor's Atlanta office originated the loan.
The PK Portfolio, a 415-unit, single-family rental portfolio located in Indiana, Michigan and Ohio, received $6.7 million in financing under the Freddie Mac Single-Family Rental pilot. The transaction provides a five-year fixed rate with a 30-year amortization schedule. A total of 100% or 415 units are affordable for low-income families earning at or below 80% of AMI and 100% are affordable to families earning 100% of AMI. Ari Short of Arbor's New York City office originated the loan.
Arobor also provided $8.4 million in refinancing funding for the Netz ADD SFR Portfolio, a 115-unit portfolio located in New Haven, CT, also under the Freddie Mac Single-Family Rental pilot. The transaction provides a 10-year fixed rate with a 30-year amortization schedule. The firm reports that 97% or 112 residential units are affordable for low-income families earning at or below 80% of AMI and 100% are affordable to families earning 100 percent of AMI. Robert Mendeles of Arbor's Englewood Cliffs, NJ, office, originated the loan.
“Arbor is firmly committed to the single-family rental market as it provides much-needed affordable housing to our nation's workforce,” says Ivan Kaufman, chairman, president & CEO of Arbor Realty Trust. “With more than half of the rental housing in the United States being comprised of single-family rentals, this is quickly becoming a recognized source of affordable housing for families throughout the country.”
“These transactions continue Freddie Mac's Affordable Single-Family Rental pilot, providing low-income families in nine states with safe, decent and affordable housing,” says David Leopold, VP, targeted affordable sales & investments at Freddie Mac Multifamily. “We were pleased to work with Arbor on this important transaction even as we prepare to sunset our pilot. Arbor's national reach allowed us to provide more than 1,300 low-income families with quality rental housing in locations ranging from the Southeast to the Midwest and all the way up to New England.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
