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| 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.
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| 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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