Arbor Funds $17M Bridge Loan in Greensboro, NC
UNIONDALE, NY (December 20, 2018) – Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets, recently funded a bridge loan in Greensboro, NC.
The 336-unit multifamily property received $17M in bridge funding. The deal provides a 36-month term along with two 12-month extension options.
Brian Scharf of Arbor’s Uniondale office originated the loan. “We were pleased to secure these funds to support our borrower’s growth strategy and plans to utilize the proceeds for key interior renovations and new appliances,” said Scharf. “Having now closed more than 25 deals with this client, it was gratifying to support our long term relationship through this customized, highly leveraged, value-add solution.”
The property exists on 25 acres of land and includes its own private lake. Additional features include a clubhouse, storage rooms, two pools and laundry facilities. Units are equipped with HVAC systems, modern kitchen appliances and washer/dryer hookups.
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 Fannie Mae, Freddie Mac and other government-sponsored enterprises, as well as CMBS, bridge, mezzanine and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and flexibility, and dedicated to providing our clients excellence over the entire life of a loan.
Multifamily Property – Greensboro, NC