Arbor Funds $14.5M for Historic Preservation Project

Arbor Funds $14.5M for Historic Preservation Project

ALEXANDRIA, LA - Arbor Commercial Mortgage, LLC, a leading, direct commercial real estate lender, announced the recent funding of a $14,515,000 FHA-insured 221(d)(4) loan for the development of Mason Estates, a 169-unit apartment project in Alexandria, LA, that encompasses the adaptive re-use and historic preservation of the former Masonic Home orphanage.

Originally built in the 1920s by the Freemasons, the three-story Masonic Home orphanage is listed on the National Register of Historic Places. It had sat dormant for the past 20 years until developer Roger Landry saw an opportunity to redevelop the historic property into a multifamily housing complex. The ongoing project is incorporating the conversion of the Masonic Home into 25 loft units as well as the new construction of six additional buildings housing another 144 apartment units.

"After years of planning and collaborative input from the community, we are proud to breathe new life into the Masonic corridor," said Landry, a Louisiana native with a track record for successful historic rehabilitation projects. "Arbor's role in funding this historic rehabilitation of the Masonic Home for modern day use, as well as the new construction component of the project, may also help spur new development and economic growth in the area."

Landry and his development team have been working closely with the Louisiana Trust for Historic Preservation to maintain the architectural details of the Masonic Home's historic structure, which features 20-foot ceilings in some units. The project is scheduled for completion and occupancy in the summer of 2013.

"The Mason Estates transaction demonstrates Arbor's position as a premier FHA MAP Lender across the United States and exemplifies our commitment to serve a growing demand for FHA financing among small to mid-size borrowers in small to mid-size markets," said Joseph Donovan, Arbor's Senior Vice President, Director of FHA Lending. "We worked successfully with the U.S. Department of Housing and Urban Development's (HUD) New Orleans office on this project, so we thank them for their efforts."

The loan was originated by Jay Porterfield, Vice President, in Arbor's Plano, TX, office. Porterfield noted that Arbor was pleased to have a very experienced development team as a partner in this transaction.

As an approved FHA Multifamily Accelerated Processing ("MAP") Lender, Arbor's FHA group provides all FHA-insured Multifamily and Healthcare facility loan programs on an expedited basis. Arbor also offers the unique "Bridge to HUD/FHA Exit" program. This program is designed to effectively solve the timing issue associated with closing FHA loans by providing a bridge loan to facilitate a quick closing on an acquisition. Borrowers who are looking to complete repairs and/or reposition a property can also use a bridge loan to facilitate a maximum FHA refinance loan.

Source: Arbor Commercial Mortgage / #Multifamily #Apartments

More Stories

Get The Newsletter

Get The Newsletter

The latest multifamily industry news delivered to your inbox.