Arbor Funds $114.1M in New York Tri-State Area Multifamily Deals
UNIONDALE, NY (Jan. 16, 2013) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of 18 loans totaling $114,103,700 across the New York tri-state area under the Fannie Mae Delegated Underwriting & Servicing (DUS®)Loan, Fannie Mae DUS® Small Loan and Arbor Bridge Loan product lines.
- 424 Bedford Avenue, Brooklyn, NY – This 66-unit multifamily property received $26,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- 12-18 Meserole Street, Brooklyn, NY – This 28-unit multifamily property received $11,800,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- 27th Avenue Apartments, Astoria, NY – This 52-unit multifamily property received $11,000,000 funded under the Fannie Mae DUS® Loan product line. The 20-year refinance loan amortizes on a 25-year schedule.
- Grande Apartments, Roselle Park, NJ – This 119-unit property received $9,392,300 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- Meserole and Montrose Apartments, Brooklyn, NY – This 44-unit multifamily property received $9,007,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- Bridge Portfolio, Hartford, CT – This 496-unit multifamily portfolio received a 24-month acquisition loan for $9,000,000 funded under the Arbor Bridge Loan program.
- Kingsley Arms Apartments, Asbury Park, NJ – This 97-unit multifamily property received $5,520,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
- 361 Park Avenue, Orange, NJ – This 96-unit multifamily property received $5,000,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
- 513-517 West 171st Street Apartment, Lake Success, NY – This 50-unit multifamily property received $4,313,400 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- Audubon Avenue, New York, NY – This 49-unit multifamily property received $3,973,300 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- Sherman Avenue, New York, NY – This 45-unit multifamily property received $3,226,700 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- 233-235 Montrose Avenue Apartments, Brooklyn, NY – This 16-unit multifamily property received $3,036,900 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- Palmetto Villas, Brooklyn, NY – This 15-unit multifamily property received $2,500,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- 10-16 Lawrence Street Apartments, Yonkers, NY – This 33-unit multifamily property received $2,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
- 204 Cleveland, Orange, NJ – This 40-unit multifamily property received $1,900,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
- 275 South Harrison, East Orange, NJ – This 33-unit multifamily property received $1,874,000 funded under the Fannie Mae DUS® Small Loan product line. The seven-year refinance loan amortizes on a 30-year schedule.
- 1120 Bergen Street Apartments, Brooklyn, NY – This 33-unit multifamily property received $1,832,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
- 507-509 West 171st Street Apartments, Lake Success, NY – This 31-unit multifamily property received $1,627,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
All of the loans were originated by Stephen York, Vice President in Arbor’s New York City office. “As the leading commercial real estate market, the New York tri-state area represents a tremendous opportunity to continually grow Arbor’s business,” York said. “With headquarters on Long Island and two offices in New York City, Arbor is clearly a leading presence in the market and we are happy to provide our clients with the customized financial solutions they seek as their long-term lending partner.”
About Us
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in finance origination and loan servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender and an FHA Multifamily Accelerated Processing (MAP) Lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $10 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com.