Arbor Funds $3.4M Fannie Mae Small Loan in Kingston, PA
UNIONDALE, NY (March 17, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently financed a Fannie Mae Small Loan in Kingston, PA. Chapin Apartments received $3.4M in cash-out refinance funding through the program. This is a 7-year deal with a 30-year amortization.
Ryan Duff of Arbor’s New York City office originated the loan.
“This transaction provided our client the capital they needed to continue to build their portfolio,” said Duff. “At the same time, they were able to secure favorable rates for this loan, making it an ideal solution all around.”
Chapin Apartments at 151 East Walnut Street is a garden-style community comprised of four buildings and a total of 60 units. While the units were built in 1939 and 1950, most were renovated in 2018. The complex features a fitness center, resident lounge, storage lockers and a covered parking garage across the street. It is also conveniently located near local shopping, parks and recreation.
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.
Chapin Apartments – Kingston, PA
Ryan Duff – Vice President, Originations