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| Ari Short |
UNIONDALE,
NY – Arbor Realty Trust, Inc. (NYSE:ABR),
a leading multifamily and commercial mortgage lender, recently funded a
portfolio of Freddie Mac SBL loans throughout Northern New Jersey.
The
five properties, totaling 93 units, received $12.7M in refinance cash-out
funding through the program. The loans are 10-year hybrids, featuring 10-year
fixed followed by10-year floating-rates on
a 30-year amortization schedule.
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| 82-92 Contant Avenue |
Ari
Short of Arbor’s New York City office originated the loans.
“The
borrower was able to take advantage of a low-interest environment and secure
10-year fixed-rate loans for multiple properties, while also pulling out equity
to purchase additional assets in the market,” said Short.
“We’ve
seen a lot of activity in Northern New Jersey since the New York City rent laws
were amended, and we’re pleased to be able to facilitate our client’s long-term
plans.”
The
properties include:
82-92
Contant Avenue (7.2M): Built in 1966, the
two-story, 50-unit complex features one- and two-bedroom apartments. The
community provides on-site parking and is conveniently located near shopping,
New Jersey commuter rail service, and recreation.
23-27
Jackson Street ($1.9M): This 18-unit multifamily property is comprised
of mostly two- and three-bedroom units. The complex features on-site parking
and is located near Route 21, approximately 12 miles to New York City.
 |
| 416 Walker Street |
341-343
Palisade Avenue ($1.7M): Built in 1920, this multifamily walk-up is
comprised of 11-units and on-site resident parking with local and express bus
service nearby.
416
Walker Street ($1.1M): The three-story complex was built in 1969. The
property contains on-site parking and
is conveniently located near shopping.
458-460
Walker Street ($.8M): Built in 1971, the two-story complex
is conveniently located to shopping and restaurants.
CONTACT:
Bina
Handa
Tel:
516.506.4229
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