Arbor Funds $21.5M Acquisition Loan in Birmingham, AL
UNIONDALE, NY (January 21, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded an acquisition loan in Birmingham, AL. The 344-unit property received $21.5M in financing.
Joseph Charneski of Arbor’s New York City office originated the loan.
“This transaction is a great example of Arbor’s ability to close quickly for a repeat borrower on a great opportunity,” said Charneski. “Birmingham has undergone a major revitalization and is considered one of the nation’s most livable cities. The capital provided through the transaction allowed the sponsor to make improvements to the property in an up-and-coming area.”
Built in 1978, The Ridge at Crestwood offers newly renovated (2018) one- and two-bedroom, apartment homes with new appliances, ceramic tile and enclosed private patios. This gated, pet-friendly complex also features a sundeck, courtyard, playground, game room, pool and fitness center. The community is set on a peaceful hilltop, minutes from Downtown Birmingham and less than a mile from Eastwood Village and its many dining and shopping establishments.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, 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.
The Ridge at Crestwood – Birmingham, AL
Joseph Charneski – Vice President, Originations