TEMECULA, CA—Acacia Park Apartments, a 320-unit apartment property here, was recently acquired by a private owner with financial arrangements made by Arbor Commercial Mortgage, a deal reported exclusively by GlobeSt. 

Arbor, a national, direct commercial real estate lender, arranged a loan totaling $39,406,000 for the acquisition of the 320-unit complex. 

The 10-year under the Fannie Mae Delegated Underwriting & Servicing Loan amortizes on a 30-year schedule and includes two years interest only.

The loan was originated by Greg Gillam, vice president in Arbor's Manhattan Beach, CA, office. “The buyer of Acacia Park Apartments is a long-term Arbor client, with whom we have closed dozens of deals over the years,” Gillam said. “In this deal, the buyer required a certain amount of financing customization, which is standard on all Arbor loans. We were pleased to be able to help provide the optimal financial solution, including the best available terms, to the borrower for their great investment.”

Acacia Park Apartments consists of 24 buildings and such amenities as a clubhouse with a fitness center, a billiards table and restrooms with showers; two outdoor pools and spas; a tennis court; a volleyball court; a basketball court; as well as a barbeque area with gas grills.

“We believe Acacia Park Apartments represents a great investment, as it is a well-operated, stabilized asset that recently underwent $2 million in renovations. We see much upside potential in the property and we plan on continuing renovations upon the turn of each unit, adding granite countertops, updated fixtures and cabinets and wood flooring along the way,” explained Eric Sussman, co-owner of the property. “As always, our long-term financial partner Arbor worked hard to customize the specific financing we needed to make this deal a tremendous investment not only now but for the future. They uniquely understand our goals deal after deal.”

Founded by chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage and subsidiaries are national direct lenders specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States.