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| 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.
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| 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
bhabyan@arbor.com
800.ARBOR.10
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