Arbor Funds $1.5M Freddie Mac SBL Deal in Newark, NJ
UNIONDALE, NY (March 14, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Newark, New Jersey. 21-25 Willoughby Street, an 18-unit multifamily property, received $1.5M in funding through the program with a 10-year fixed rate and three years interest only on a 30-year amortization schedule.
Geoffrey Platt of Arbor’s New York City office originated the loan.
“Arbor was able to help the sponsors take equity out of their newly gut-rehabbed property utilizing Freddie Mac’s competitive SBL program terms and rates,” Platt said. “The sponsors plan to expand their portfolio in this up-and-coming area of Newark, in which Arbor can play a big role.”
Originally constructed in 1920 and renovated in 2018, 21-25 Willoughby Street offers beautiful one-bedroom apartments. The property is in a Freddie Mac top market and close to shopping, major highways and public transportation.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, 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.
21-25 Willoughby Street – Newark, NJ
Geoffrey Platt – Originations