Arbor Funds $2.5M Fannie Mae Loan Deal in Chicago, IL
UNIONDALE, NY (September 18, 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 Supplemental Loan in Chicago, IL.
The Harper Square Cooperative, a 591-unit multifamily property, overlooking Lake Michigan, received $2.5M in refinance funding through the deal. The loan provides a 20-year term with amortization.
Michael Jehle of Arbor’s Michigan office originated the loan. “The members of the cooperative wanted to upgrade the elevators, and modernize all the corridor hallways with new paint, carpeting, and, lighting. This loan facilitated these improvements and was structured to fully amortize with the pay-down of the first mortgage – exactly what the Board of Directors wanted,” said Jehle.
The multifamily lakefront property is located in the Kenwood/Hyde Park area and was built in 1970. It is minutes away from Chicago’s bustling business district and offers a state-of-the-art fitness center and concierge.
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.
Harper Square Cooperative – Chicago, IL
Michael Jehle – Originator