Arbor Funds $19M Fannie Mae® Streamlined Rate Lock Deal in West Covina, CA
UNIONDALE, NY (April 24, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae® Streamlined Rate Lock (SRL) deal in West Covina, CA. Tuscany Villas, a 166-unit garden style apartment building, received $19M in refinance funding through the program. The loan includes a 10 year, fixed-rate term on a 30-year amortization schedule.
Greg Gillam of Arbor’s Manhattan Beach office originated the loan.
“The borrower has owned this workforce housing property for over 10 years,” Gillam said. “Due to the extensive improvements that were made, Arbor was able to refinance the existing Fannie Mae loan and provide a cash-out option. Additionally, the SRL product allowed the borrower to lock the interest rate early in the loan process.”
Built in 1966 and recently renovated, this luxurious Tuscan-style community offers studio and one-bedroom apartments with upgraded interiors including hardwood flooring, custom cabinets and stunning granite counter tops. With breathtaking views of the California Mountains, Tuscany Villas offer resort-style landscaping, two community pools, charcoal grilling and a fitness center.
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.
Tuscany Villas – West Covina, CA
Greg Gillam – Vice President, Sales