Arbor Funds $2M in Freddie Mac SBL Deals in Chicago, IL
UNIONDALE, NY (September 25, 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 Freddie Mac Small Balance Loan transactions in Chicago, IL.
The first deal, for adjoining properties at 1731 and 1733 N. Hermitage Ave., is comprised of seven total units and received $1.07M in funding with a 10-year fixed term. The second, an eight-unit property at 2307 W. Montana St., received $1.02M in funding with a 10-year fixed term.
Vincent Chiodo of Arbor’s New York office originated the loan. “With this deal, we provided a low, fixed interest rate for a borrower that has owned these properties for over 20 years. We were able to get comfortable lending on these unique assets that were on separate tax parcels,” said Chiodo.
The properties are historic in nature, having all been built over 100 years ago. The N. Hermitage Ave. buildings were constructed in 1898, while the W. Montana St. property dates back to 1915. All buildings have undergone renovations in recent years and are conveniently located near the expressway, as well as parks, schools and local eateries.
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.
2307 W. Montana St. – Chicago, IL
Vincent Chiodo – Originator