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| Vincent Chiodo |
UNIONDALE, NY– Arbor Realty Trust, Inc. (NYSE:ABR), a leading
multifamily and commercial mortgage lender, recently funded a Freddie Mac
SBL deal in Brooklyn, NY.
2402 Gerritsen Avenue, a mixed-use property, received $4M in
refinance funding through the program. The loan includes a 10-year hybrid term
on a 30-year amortization schedule.
Vincent Chiodo of Arbor’s New York City office
originated the loan.
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| 2402 Gerritsen Avenue Apartments, Brooklyn, NY |
“Since this is a mixed-use property, a large portion of the
rental income comes from commercial tenants,” said Chiodo. “Due to our deep
product expertise, we were able to consider this income and fund the loan
through a Freddie program that allows Arbor to underwrite all of the property’s
income and offer greater proceeds to our borrower.”
Built in 1964
and recently rehabilitated, 2402 Gerritsen Avenue is a three-story building
featuring storefronts on the first level with 13-unit luxury apartments on the second and third floors. The
apartments feature new appliances and oversized private terraces.
Located between Marine Park and Sheepshead Bay, the property is
convenient to nearby parks, restaurants and public transportation.
CONTACT:
Bina Handa
Tel: 516.506.4229
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