Arbor Funds $1.5M Fannie Mae Small Loan in Chicago, IL
UNIONDALE, NY (December 11, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Small Loan in Chicago, IL. The property received $1.5M in financing through the program, with a 15-year fixed rate and 30-year amortization schedule.
Jared Stein of Arbor’s New York City office originated the loan.
“Through the Fannie Mae Small Loans program, our client was able to secure a long-term fixed rate loan to fund capital improvements that will enhance the quality of living for tenants,” Stein said. “This deal emphasizes Arbor’s commitment to finding innovative, customized solutions to support the goals of our financial partners.”
The Muskegon and Colfax Apartments consist of three buildings totaling 44-units. Each features one- and two-bedroom apartments. They are in close proximity to the subway system, South Shore Cultural Center, retail shops and recreation.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.
Muskegon Apartments – Chicago, IL
Jared Stein – Originator