Arbor Funds $17.2M in Agency Loans in Newark and Paterson, NJ
UNIONDALE, NY (February 11, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded 13 agency loans totaling $17.2M in Newark and Paterson, New Jersey.
The Newark Portfolio, comprised of six mixed-use and multifamily properties in Newark, NJ, received $11.3M in acquisition funding through the Freddie Mac SBL product. Terms included a five-year fixed rate followed by a 15-year adjustable term.
- 10 Kent Street – This 18-unit multifamily property received $2M in funding. The three-story complex is in close proximity to New Jersey Institute of Technology.
- 741 Clinton Ave. – This mixed-use property received $1.5M in financing. It includes 20 residential units and some commercial space.
- 6 Longfellow Ave. – This mixed-use property received $1.4M in funding. It features 13 residential units and two commercial spaces.
- 8 Monticello Ave. – This mixed-use property received $2M in financing. It is made up of 20 residential units and six commercial spaces.
- 232 Shephard Ave. – This multifamily property received $2.5M in funding and includes 22 residential units.
- 268 Stuyvesant Ave. – This multifamily property received $1.8M in financing. It features 30 residential units.
The Paterson Portfolio consists of seven multifamily properties in Paterson, NJ, which received $5.9M refinance cash-out funding through the Fannie Mae Small Loans program. Terms include a 10-year term on a 30-year amortization schedule.
- 394 River Street – This six-unit walk-up style apartment complex received $617,000 in financing. It is made up of studio, one- and two-bedroom apartments.
- 130 12th Ave. – This three-story property received $881,000 in funding. It features a one-bedroom apartment and five, two-bedroom residences.
- 50-54 Clinton Street – This 12-unit multifamily property received $1.4M in financing. The walk-up style building includes studio, one- and two-bedroom apartments.
- 470-472 10th Ave. – This three-story building received $767,000 in funding and is made up of two and three-bedroom apartments.
- 71-73 N. Main Street – This six-unit, walk-up style property received $768,000 in financing. It includes two- and three-bedroom apartments.
- 33-35 Hillman Street – This six-unit walk-up style property received $623,000 in funding. It features six, two-bedroom apartments.
- 102-104 East Main Street – This six-unit multifamily property received $886,000 in financing and includes six, two-bedroom apartments.
Ari Short of Arbor’s New York City office originated the loans.
“New Jersey has been a very active market,” Short said. “Thanks to Arbor’s industry experience, and its longstanding relationships with Fannie Mae and Freddie Mac, we can offer the best possible terms and structure to our clients.”
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.
Newark Portfolio – Newark, NJ
Paterson Portfolio – Paterson, NJ
Ari Short – Originations