Greystone Bel has closed the sale, with acquisition financing provided by Greystone, of Carlton Apartments, a 144-unit garden-style multifamily property in the Lafayette Park area of Detroit.

The Greystone Bel Investment Sales team, led by Cary Belovicz, represented the seller in the sale of the asset to Florida-based Andover Real Estate Partners and Michigan-based The M-Group.

Cary Belovicz, executive managing director of Greystone Bel, and John Marr, managing director‍ of Greystone, secured a 10-year, 4.96% fixed-rate Fannie Mae Green Rewards conventional loan for the buyer.

More than 195 groups registered to review the property, with 25 offers made by local, national, and international investors. “Carlton Apartments’ proximity to Downtown Detroit and its irreplaceable location drove unprecedented interest,” said Belovicz.

Built in 1971 and located at 1387 East Larned Street, Carlton Apartments offers studio, one-and two-bedroom apartments. This central location provides residents with unobstructed views of the Detroit skyline--from the GM Renaissance Center to Greektown Casino--and is within walking distance to upscale restaurants, high-end retail, and the transformative Qline. The city’s diverse employer base of Fortune-500 corporations, world-class centers of education, healthcare, and innovative technology startups are also just steps away from the property.

Arbor Realty Trust Inc. has closed on three single-family rental portfolio deals totaling $66.4M, spanning nine states under the Freddie Mac Single-Family Rental pilot.

"Arbor is firmly committed to the single-family rental market as it provides much-needed affordable housing to our nation's workforce," said Ivan Kaufman, chairman, president and 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."

Arbor Realty Trust is a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other commercial real estate assets. The Freddie Mac Single-Family Rental pilot was administered through the multi-family division of the company.

"These transactions continue Freddie Mac's Affordable Single-Family Rental pilot, providing low-income families in nine states with safe, decent and affordable housing," said David Leopold vice president for targeted affordable sales and 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."

The transactions include the following properties:

• Reven SFR Portfolio, an 824-unit portfolio located in Jacksonville, Fla.; Memphis; Atlanta; Birmingham, Ala.; and Houston, received a $51.3 million refinancing under the Freddie Mac Single-Family Rental pilot. The transaction provides a 7-year fixed rate with a 30-year amortization schedule. 97% or 799 residential units are affordable for low-income families earning at or below 80% of the Area Median Income, or AMI, and 100% are affordable to families earning 100 percent of AMI. Jason Scott of Arbor's Atlanta office originated the loan.
• PK Portfolio, a 415-unit, single-family rental portfolio located in Indiana, Michigan and Ohio, received $6.7M in financing under the Freddie Mac Single-Family Rental pilot. The transaction provides a 5-year fixed rate with a 30-year amortization schedule. 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 percent of AMI. Ari Short of Arbor's New York City office originated the loan.
• Netz ADD SFR Portfolio, a 115-unit portfolio located in New Haven, CT, received an $8.4M refinancing under the Freddie Mac Single-Family Rental pilot. The transaction provides a 10-year fixed rate with a 30-year amortization schedule. 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, N.J., office, originated the loan.

Yardi multifamily clients are now able to offer fraud protection and credit reporting services to the people that rent residences from them. These consumer protection amenities are provided by Resident-Link and included in RentCafe, Yardi's property marketing, leasing and resident services platform. Yardi develops and supports industry-leading investment and property management software for real estate companies.

Resident-Link, which is integrated with the Fraud Protection Network, delivers identity theft protection services using industry security protocols. It promptly alerts subscribers if their identity is being used suspiciously, for example, to apply for a new line of credit or request a change of address.

"With identity theft clocking in as America's fastest growing crime, protecting your identity has never been more important. Resident-Link and RentCafe help property managers proactively offer affordable protection to their renters with proprietary monitoring and alerting systems," said Ed Margolin, CEO of the Fraud Protection Network.

In addition to monitoring for identity fraud, Resident-Link works with Experian to provide credit reporting services. Experian is the first credit bureau to recognize the importance of and incorporate positive rental payment data disclosed to Experian Rent Bureau in consumer credit reports. Residents can build credit history by paying rent responsibly each month.

"Working with Fraud Protection Network and Experian, Yardi is now able to help our clients' residents improve their credit. For those who already have good credit, this enhancement helps protect and monitor it," said Terri Dowen, senior vice president of sales at Yardi. "Better still, through RentCafe, we're able to do it in a way that is seamless and simple for both the property management company and the renter."

Residents can sign up for Resident-Link as part of the RentCafe leasing workflow. After signing a lease, renters will have the option to opt into the service, the same way they might sign up for a parking space or storage unit.