Arbor Funds $15M Bridge Loan in Brooklyn, NY
UNIONDALE, NY (June 13, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a $15M bridge refinance loan in Brooklyn, NY. Arbor provided the loan for 2417 Albemarle Road, a 43-unit multifamily property. The deal provides an interest only loan over a two year term.
Eugene Yanovskiy of Arbor’s New York City office originated the loan.
“Arbor’s bridge product gave our client the opportunity to take out an expensive construction loan and lease up their property,” said Yanovskiy. “With our product, we will have a seamless transition into a permanent agency loan once the property is stabilized.”
Built in 2018, 2417 Albemarle Road provides luxury living to its residents, with features such as keyed private elevator entrances, in-unit washers and dryers, polished concrete floors, centralized air and heat, and views of the iconic Manhattan skyline. Located just steps away from restaurants, shopping venues and several subway lines, the building also features an oversized common deck, bike storage, and an underground parking garage.
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.
2417 Albemarle Road – Brooklyn, NY
Eugene Yanovskiy – Originations