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| Raleigh Square Apartments, Oklahoma City, OK |
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 a Fannie Mae Adjustable Rate Mortgage (ARM) 7-6™ loan in Oklahoma City,
OK.
Raleigh
Square Apartments, a 105-unit multifamily property, received $2.2M in funding
through the Fannie Mae ARM 7-6 loan program. The deal provides a 7-year term
with an adjustable rate and a 30-year amortization schedule. There is also an
option to convert to a 7- or 10-year fixed term in years 2-6 of the loan,
penalty free.
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| Austin Walker |
Austin Walker of Arbor’s New York City office originated the loan.
“This loan was an example of Arbor’s flexibility and certainty of
execution,” said Walker. “We gave the borrower the ability to close on time and
build in additional funds for capital improvements without taking on high
interest bridge debt.
"In addition, the flexibility of the conversion to a fixed rate option gave the borrower peace of mind in a rising rate environment.”
"In addition, the flexibility of the conversion to a fixed rate option gave the borrower peace of mind in a rising rate environment.”
Built
in 1984, Raleigh Square Apartments are conveniently located near Will Rogers
World Airport. The pet-friendly gated community offers a wide selection of
features and amenities, including a community picnic area, pool and
playground; convenient on-site parking; laundry facilities, and smoke-free
options.
CONTACTS:
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553
800.ARBOR.10
Contact: Bina Handa
Tel: 516.506.4229
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