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| 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.
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| 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
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| 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.
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| 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
