Saturday, July 1, 2017

Arbor Funds $15.4M in Fannie Mae Deal in Charlotte, NC

Pressley Ridge Apartment Homes, Southwest Charlotte, NC

 UNIONDALE, NY -- Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets, has funded a loan totaling $15,400,000 for the acquisition of Pressley Ridge Apartment Homes, located in Charlotte, NC under the Fannie Mae Standard DUS® Loan program.

James Fiesel
James Fiesel, Originator, based in Arbor’s New York office, originated the deal.

“The favorable financing terms we were able to provide are reflective of both the asset and sponsorship group we were working with. This asset, in this market, has great upside, and the new owners have a long track record of successful execution.” Fiesel said.

The 7/6 ARM acquisition loan represents 80% of the purchase price and features a 24-month interest-only term. 
Pressley Ridge Apartment Homes, located in Southwest Charlotte, is a two-story, 504-unit multifamily property that was built in 1969. Located on a Charlotte Area Transit System (CATS) bus line, the property is in close proximity to the uptown area and its dining and shopping.

The property currently consists of one-, two- and three-bedroom apartments with a unit mix of 176 one-bedroom units, 224 two-bedroom units, and 104 three-bedroom units. Amenities include on-site management, picnic grills, washer/dryer in every unit, and access to the new community center, playgrounds and soccer fields.

For a complete copy of the company’s news release, please contact:

Arbor Realty Trust, Inc.
 Bonnie Habyan
333 Earle Ovington Blvd, Suite 900                                                 516.506.4615
Uniondale, NY 11553                                                             

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