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Multifamily Lender Says Texas ICE Raids Taking Bite Out Of Occupancy

Arbor Realty Trust, a major multifamily bridge lender, reported that ICE immigration raids have sharply reduced occupancy in its REO apartment assets, now averaging 45% occupancy. The enforcement actions have hit properties in Houston, San Antonio, Dallas, Atlanta and parts of Florida, causing occupancy drops from 90% to 65‑70% overnight. Arbor’s loan delinquencies rose to $570 M and REO holdings to $500 M, reflecting distress from higher rates and now immigration‑related vacancies. Despite the challenges, the REIT sold five REO assets in 2025 and aims to cut its REO balance to $250‑300 M by end‑2026.