Arbor Funds $114.1 Million in New York Tri-State Area Multifamily Deals

Stephen York

UNIONDALE, NY (Jan. 16, 2013) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of 18 loans totaling $114,103,700 across the New York tri-state area under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan and Arbor Bridge Loan product lines.

These loans include:

424 Bedford Avenue
Brooklyn, NY

·         424 Bedford Avenue, Brooklyn, NY – This 66-unit multifamily property received $26,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         12-18 Meserole Street, Brooklyn, NY – This 28-unit multifamily property received $11,800,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         27th Avenue Apartments, Astoria, NY – This 52-unit multifamily property received $11,000,000 funded under the Fannie Mae DUS® Loan product line. The 20-year refinance loan amortizes on a 25-year schedule.

·         Grande Apartments, Roselle Park, NJ – This 119-unit property received $9,392,300 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

27th Avenue Apartments, Astoria, NY

·         Meserole and Montrose Apartments, Brooklyn, NY – This 44-unit multifamily property received $9,007,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         Bridge Portfolio, Hartford, CT – This 496-unit multifamily portfolio received a 24-month acquisition loan for $9,000,000 funded under the Arbor Bridge Loan program.

·         Kingsley Arms Apartments, Asbury Park, NJ – This 97-unit multifamily property received $5,520,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

Grande Apartments, Roselle Park, NJ

·         361 Park Avenue, Orange, NJ – This 96-unit multifamily property received $5,000,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

·         513-517 West 171st Street Apartment, Lake Success, NY – This 50-unit multifamily property received $4,313,400 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         Audubon Avenue, New York, NY – This 49-unit multifamily property received $3,973,300 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         Sherman Avenue, New York, NY – This 45-unit multifamily property received $3,226,700 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

  

·         233-235 Montrose Avenue Apartments, Brooklyn, NY – This 16-unit multifamily property received $3,036,900 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

  

·         Palmetto Villas, Brooklyn, NY – This 15-unit multifamily property received $2,500,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

  

·         10-16 Lawrence Street Apartments, Yonkers, NY – This 33-unit multifamily property received $2,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.

  

·         204 Cleveland, Orange, NJ – This 40-unit multifamily property received $1,900,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.

·         275 South Harrison, East Orange, NJ – This 33-unit multifamily property received $1,874,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. 

·         1120 Bergen Street Apartments, Brooklyn, NY – This 33-unit multifamily property received $1,832,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

·         507-509 West 171st Street Apartments, Lake Success, NY – This 31-unit multifamily property received $1,627,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

  

All of the loans were originated by Stephen York, Vice President in Arbor’s New York City office.

“As the leading commercial real estate market, the New York tri-state area represents a tremendous opportunity to continually grow Arbor’s business,” York said.

“With headquarters on Long Island and two offices in New York City, Arbor is clearly a leading presence in the market and we are happy to provide our clients with the customized financial solutions they seek as their long-term lending partner.”

Contact:

Chris Ostrowski

Arbor Realty Trust, Inc.

Tel: (516) 506-4255

333 Earle Ovington Blvd, Suite 900

 costrowski@arbor.com