Arbor Funds $29.5M Fannie Mae® SRL Loan in Dallas, TX
UNIONDALE, NY (March 28, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae® Streamlined Rate Lock (SRL) loan in Dallas, TX. Alexan Riveredge, a 309-unit multifamily property, received $29.5M in acquisition funding through the program. The loan features a 10-year, interest only, fixed-rate term.
Greg Gillam of Arbor’s Manhattan Beach office originated the loan.
“The time to close this purchase was extremely short as the borrower was selected from a competitive pool of potential buyers based on his projection of a smooth and expeditious closing process,” Gillam said. “Thanks to Arbor’s all-encompassing product platform, we were able to utilize the Fannie Mae Streamlined Rate Lock, which allowed the borrower to lock at a favorable rate and close quickly for this purchase.”
Built in 2016, Alexan Riveredge is a luxury building that features a subsurface parking garage, resort-style swimming pool, rooftop lounge area, fitness center, adjoining jogging trail, dog park, clubhouse, business center, and game room. In-unit amenities include walk-in closets, washer/dryer machines, granite countertops, garden tubs, and patios/balconies in select units.
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.
Alexan Riveredge – Dallas, TX
Greg Gillam – Vice President, Originations