X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BOSTON-$225 million in financing has been closed for a joint venture between Colorado-based Archstone Communities and an institutional investor. The two loans are earmarked for a string of apartment complexes.

The loans are financing the venture’s acquisition of 14 multifamily properties located in six states. The complexes were built between 1985 and 2000. Kip Kimble, vice president of national accounts at Berkshire Mortgage finance, was the loan originator for both transactions.

The financing, which comprises two loans, one for $115.85 million and one for $104.49 million, both carry a 6.76% fixed interest rate and were created through Fannie Mae’s Capital Markets Group.

Boston-based Berkshire is a national mortgage-banking firm with divisional headquarters in Bethesda, MD and Irvine, CA as well as branch offices in several major cities. It has a servicing portfolio in excess of $12 billion.

In a separate multifamily deal, three loans have been secured by an undisclosed client for the purchase of three apartment complexes in Lynn, MA. The financing, obtained under Fannie Mae’s Delegated Underwriting and Servicing product, totals $2,497,500 in financing.

The loans, provided by Arbor Commercial Mortgage LLC, all have 10-year terms and amortize on 25-year schedules. Each carries a note rate of 7.09% The funding was originated by Paul Morehouse, an Arbor vice president in the Uniondale, NY-based firm’s Boston office. The three complexes have a combined total of 79 units.

Lynn closed recently closed deals on two other Lynn properties. The Broadway Lynn and the Parkway Lynn each received financing for $772,000 in June. Both are on 10-year terms with 30-year amortization schedules and carry note rates of 7.44%. In February, Arbor provided $136,606,000 in financing for the Herald Towers in New York City.

Arbor frequently uses the DUS line for smaller loans and apartment projects. As Fannie Mae’s principal product for individual multifamily loans, Arbor says the line is less costly and more streamlined than a conventional mortgage. The real estate investment banking firm specializes in multifamily apartment complexes, senior and affordable housing, hotels, office, industrial and retail properties on a national level.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. Apartments 2020Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.