Wednesday, October 10, 2018

Arbor Funds $8.4 Million Fannie Mae Loan in Millcreek, UT



Tapestry Townhomes, Millcreek, UT

UNIONDALE, NY  (Oct. 9, 2018) – 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, recently funded a Fannie Mae DUS® Loan in Millcreek, UT.


Garth Davis
Tapestry Townhomes, which consists of seven, three-story apartment buildings totaling 42 units, received $8.4M in refinance funding through Fannie Mae’s Streamlined Rate Lock (SRL) product. 

The Tier II loan is structured with a 12-year fixed rate term and a five-year interest only period, followed by a 30-year amortization schedule.

Garth Davis of Arbor’s San Francisco office originated the loan.

“By achieving an early, three-week rate lock with Fannie Mae’s SRL process, we were able to eliminate interest rate risk exposure,” said Davis. “The loan will fund a complex that offers a superior lifestyle compared to competing properties in the area.”

Located in the Salt Lake City Metropolitan Area, Tapestry Townhomes features modernly designed exteriors and interior amenities such as high-end wood cabinets, soaking tubs, gourmet kitchens, washer/dryer units and private balconies.

 CONTACT:

Bina Handa
Tel: 516.506.4229


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