 |
| Eric Regenbogen |
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, recently funded bridge transactions for two
student housing properties in Northeastern Connecticut.
The properties, a 100-unit townhome
style complex and a 40-unit apartment structure, received $12M in combined
bridge funding. Both acquisitions come with a 24-month term.
The client approached Arbor for a
creative structure that would allow for not only the purchase costs, but the
rehab costs for the properties as well. Arbor was able to structure a 75%
loan-to-cost product for these investments.
Eric Regenbogen of Arbor’s Uniondale
office originated the loan. “Our balance sheet execution is an extremely
effective way to show clients how Arbor can tailor a specific loan to their
needs and expectations,” Regenbogen explained. “Our quickness and efficiency
are two of the reasons why clients love our loan products. I was very happy to
structure these transactions for my client, and I’m looking forward to many
more deals with this group.”
Both properties are
situated near the University of Connecticut, which has a student population of
over 26,000. Combined between them, the complexes include onsite management,
parking, tenant storage space, laundry rooms, and BBQ grills, as well as
basketball, tennis, and volleyball courts.
Bina
Handa
Tel:
516.506.4229
No comments:
Post a Comment