Arbor Funds $101.6M Acquisition Portfolio in Birmingham, AL
UNIONDALE, NY (August 7, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a bridge portfolio in Birmingham, AL. The Contour Development Portfolio consists of two properties: The Park at Callington and Carlyle Apartments, and The Park at Buckingham. The Park at Callington and Carlyle, a 1,233-unit multifamily property, received $63.2M in funding through the program while The Park at Buckingham, a 583-unit multifamily property, received $38.4M.
Joseph Charneski of Arbor’s New York City office originated the loan.
The Park at Callington and Carlyle, built in 1978, offers spacious apartments featuring walk-in closets, private balconies, plantation blinds and ornamental chair rails. The property offers three swimming pools, a fitness center, illuminated volleyball and tennis courts, a playground and an on-site coffee bar.
The Park at Buckingham was built in 1972 and fully renovated in 2007. This gated community features many outdoor amenities including a cyber café, pools, a playground, and lighted tennis and volleyball courts.
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.
The Contour Development Portfolio – Birmingham, AL
Joseph Charneski– Vice President, Originations