Arbor Commercial Mortgage LLC, a Uniondale, N.Y.-based direct commercial real estate lender, has announced the funding of a $14,515,000 Federal Housing Administration (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 sought to adapt it 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. The project is scheduled for completion and occupancy in the summer of 2013.
‘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,’ says Landry.