Arbor Funds $2.2M Fannie Mae ARM 7-6™ Loan in Oklahoma City, OK
UNIONDALE, NY (November 30, 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 Fannie Mae Adjustable Rate Mortgage (ARM) 7-6™ loan in Oklahoma City, OK.
Raleigh Square Apartments, a 105-unit multifamily property, received $2.2M in funding through the Fannie Mae ARM 7-6 loan program. The deal provides a 7-year term with an adjustable rate and a 30-year amortization schedule. There is also an option to convert to a 7- or 10-year fixed term in years 2-6 of the loan, penalty free.
Austin Walker of Arbor’s New York City office originated the loan. “This loan was an example of Arbor’s flexibility and certainty of execution,” said Walker. “We gave the borrower the ability to close on time and build in additional funds for capital improvements without taking on high interest bridge debt. In addition, the flexibility of the conversion to a fixed rate option gave the borrower peace of mind in a rising rate environment.”
Built in 1984, Raleigh Square Apartments are conveniently located near Will Rogers World Airport. The pet-friendly gated community offers a wide selection of features and amenities, including a community picnic area, pool and playground; convenient on-site parking; laundry facilities, and smoke-free options.
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.
Raleigh Square Apartments – Oklahoma City, OK
Austin Walker – Originations