Arbor Realty Trust announced the funding of a $35,950,000 FHA 223(f) refinancing for Nottingham Village, a 317-unit multifamily property located in Houston, TX.
Ronen Abergel, vice president, Originations at Arbor Realty Trust, arranged financing for the property. The FHA 223(f) loan was structured with a fixed-rate, 35-year term.
“Due to the property’s location and the borrower’s request for a substantial cash out, no single execution could hit the requested loan amount,” Abergel said. “However, by combining our balance sheet capability with HUD’s favorable terms, we were able to achieve the borrower’s objective. It was a flawless execution.
Nottingham Village was built in two phases in 1971 and 1983. The community features 44 garden-style buildings situated on 16.4 acres.
Loan proceeds will cover $500,000 in property renovations, which will include new windows and sliding doors, updated electrical, as well as new countertops and cabinetry.