Sunday, March 24, 2019

Arbor Funds $1.5 Million Freddie Mac SBL Deal in Newark, NJ


                                     
21--25 Willoughby Street, Neward, NJ

UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Newark, New Jersey.

21-25 Willoughby Street, an 18-unit multifamily property, received $1.5M in funding through the program with a 10-year fixed rate and three years interest only on a 30-year amortization schedule.

Geoffrey Platt
Geoffrey Platt of Arbor’s New York City office originated the loan.

“Arbor was able to help the sponsors take equity out of their newly gut-rehabbed property utilizing Freddie Mac’s competitive SBL program terms and rates,” Platt said. “The sponsors plan to expand their portfolio in this up-and-coming area of Newark, in which Arbor can play a big role.”

Originally constructed in 1920 and renovated in 2018, 21-25 Willoughby Street offers beautiful one-bedroom apartments.

 The property is in a Freddie Mac top market and close to shopping, major highways and public transportation.


 CONTACT:

Bina Handa
Tel: 516.506.4229

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