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| Stephen York |
UNIONDALE, NY– Arbor Realty Trust, Inc.
(NYSE:ABR), a leading
multifamily and commercial mortgage lender, recently funded a Fannie Mae DUS®
loan in Norcross, GA.
Fields at Peachtree Corners, a 490-unit multifamily luxury property, received $38.6M in
funding through the program. The deal provides a 12-year fixed rate term with a
6-year interest only period, and a 30-year amortization schedule.
Stephen York, of Arbor’s New York City office, originated the loan.
“We were pleased to provide
aggressive high-leverage financing, along with an attractive rate and maximum
I/O, for our client,” York said.
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| Fields at Peachtree Corners Apartments, Norcross, GA |
“The property was recently renovated thanks to a $3M capital
improvement plan. The new sponsors are planning continued renovations for more
than 100 units and exterior enhancements to boost curb appeal. This will help
the property remain well situated in the highly competitive Peachtree Corners
submarket.”
Built in 1973, the apartment complex offers deluxe in-house features including granite countertops; oversized walk-in closets; washer/dryer connections; central heating and air; and private patios and balconies.
The community amenities include a
state-of-the-art fitness center, Olympic-sized swimming pool, tennis and
volleyball courts, a soccer field, resident clubhouse, playground, and picnic
area with barbecue.
Contact:
Bina Handa
Tel: 516.506.4229
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