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| Tapestry Townhomes, Millcreek, UT |
UNIONDALE, NY (Oct. 9, 2018) – 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 a Fannie Mae DUS®
Loan in Millcreek, UT.
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| Garth Davis |
Tapestry Townhomes,
which consists of seven, three-story apartment buildings totaling 42 units,
received $8.4M in refinance funding through Fannie Mae’s Streamlined Rate Lock
(SRL) product.
The Tier II loan is structured with a 12-year fixed rate term
and a five-year interest only period, followed by a 30-year amortization
schedule.
Garth Davis of Arbor’s San Francisco office originated the loan.
“By achieving an early, three-week rate lock with Fannie Mae’s
SRL process, we were able to eliminate interest rate risk exposure,” said
Davis. “The loan will fund a complex that offers a superior lifestyle compared
to competing properties in the area.”
Located in the Salt Lake City Metropolitan Area, Tapestry Townhomes
features modernly designed exteriors and interior amenities such as high-end
wood cabinets, soaking tubs, gourmet kitchens, washer/dryer units and private
balconies.
CONTACT:
Bina Handa
Tel: 516.506.4229
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