Arbor Funds $2.7M in Multifamily Transactions in Chicago, IL
UNIONDALE, NY (September 7, 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 two multifamily properties in Chicago, IL.
The first property, a condominium building at 5529 W. Higgins Ave., received $1M in funding through the Freddie Mac SBL program with a five-year hybrid term. The second property, 5550 W. North Avenue, received $1.7M in funding through the Fannie Mae Standard DUS® program. The 28-unit, Section 8 dwelling, came with a 10-year fixed term.
Jared Stein of Arbor’s New York City office originated the loan. “Each deal was unique in its own right,” Stein explained. “W. Higgins was a high-end property, but we were able to refinance six units for a local investor and lock in low rates. For W. North, we secured financing for an up-and-coming investor who mainly focuses on the Chicago submarket and thanks to the affordable rents, we qualified for a reduced rate and got better pricing on the deal.”
Opened in 2005, 5529 W. Higgins is conveniently situated near the Blue Line for public transportation, and includes amenities like in-unit washer-dryers, dishwashers, and private balconies. Built in the 1920s, 5550 W. North is also next to a host of transport options, and offers units that are wheelchair accessible.
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.
5529 W. Higgins Avenue – Chicago, IL
Jared Stein – Originator