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| Ari Short |
UNIONDALE, NY– Arbor
Realty Trust, Inc. (NYSE:ABR), a leading
multifamily and commercial mortgage lender, recently funded a Fannie Mae
Streamlined Rate Lock (SRL) loan in Chicago, IL.
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| The Residences at 159 Tinley Park |
The loan provides for the refinancing of two properties
totaling 457 units. The properties received $50.4M in funding through the
program and the loan has a 12-year fixed rate with full-term interest only.
Ari Short of Arbor’s
New York City office originated the loan.
“After the sponsors executed
on their value-add strategy and completed renovations of both buildings, we
were able to structure an attractive loan that provided long-term, interest-only
payments at a low rate," said Short.
"Our broker, Harborview Capital, ensured a smooth transaction
from start to finish and provided guidance on a complicated ownership
structure,”
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| The Enclave Apartments |
Built in 1974, The
Residences at 159 Tinley Park are comprised of 208 one- and
two-bedroom units with expansive floor plans and state-of-the-art stainless
steel appliances. Amenities include grilling stations and an outdoor swimming
pool featuring an aqua lounge. The community is pet friendly with a dog park.
The Enclave Apartments were
built in 1971 and consist of 249 units. The property features newly remodeled
studio, one- and two-bedroom apartments with walk-in closets and private
balconies or patios. The community is located in the northwestern suburb of
Chicago.
Contact:
Bina
Handa
Tel: 516.506.4229
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