Arbor Funds $5.3 Million Bridge Loan in Oak Forest, IL

Ryan Duff

                                  

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a bridge loan in Oak Forest, IL.

reVerb Oak Forest, a 72-unit multifamily property, received $5.3M in funding through the program.

Ryan Duff of Arbor’s New York City office originated the loan.

“Facilitated by our agility and expertise, Arbor was able to step in mid process, due to an outside lender retrade, and close quickly with no lockout on the prepayment,” Duff said.

reVerb Oak Forest, Oak Forest, IL

 “We were committed to finding a solution for the borrower, a repeat customer, who intends to settle into management, take over operations and immediately begin the refinance process into a long-term fixed-rate product.”

  

Built in 1969 and renovated in 2008, reVerb Oak Forest residences offer in-unit washer/dryer, granite countertops, laminate wood flooring and private balconies.

Community amenities include a landscaped courtyard with a gazebo, on-site parking and a security surveillance system. The property is in close distance to the Cook County Forest Preserve, George W. Dunne National Golf Center and Rock Island District Metra Line.

  

Arbor Funds $29.5 Million Fannie Mae® SRL Loan in Dallas, TX

Alexan Riveredge, Dallas, TX

UNIONDALE, NY – Arbor Realty Trust, Inc. (NYSE:ABR) a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae® Streamlined Rate Lock (SRL) loan in Dallas, TX.

Alexan Riveredge, a 309-unit multifamily property, received $29.5M in acquisition funding through the program. The loan features a 10-year, interest only, fixed-rate term.

Greg Gillam of Arbor’s Manhattan Beach office originated the loan.

Greg Gillam

“The time to close this purchase was extremely short as the borrower was selected from a competitive pool of potential buyers based on his projection of a smooth and expeditious closing process,” Gillam said.

“Thanks to Arbor’s all-encompassing product platform, we were able to utilize the Fannie Mae Streamlined Rate Lock, which allowed the borrower to lock at a favorable rate and close quickly for this purchase.”

  

Built in 2016, Alexan Riveredge is a luxury building that features a subsurface parking garage, resort-style swimming pool, rooftop lounge area, fitness center, adjoining jogging trail, dog park, clubhouse, business center, and game room. In-unit amenities include walk-in closets, washer/dryer machines, granite countertops, garden tubs, and patios/balconies in select units.

CONTACT:

Bina Handa

Tel: 516.506.4229

bhanda@arbor.com