Tuesday, November 26, 2019

Arbor Funds a $12.7 Million Freddie Mac SBL Portfolio in Northern New Jersey

                               
 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.


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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