Tuesday, August 6, 2019

Arbor Funds $50.4 Million Fannie Mae Streamlined Rate Lock Loan in Chicago, IL


                                     
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.

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,”

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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