Arbor Funds $3.9M Fannie Mae Small Loans Portfolio in Connecticut
UNIONDALE, NY (October 8, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Small Loans portfolio in Connecticut totaling $3.9M. The portfolio consists of two multifamily properties in East Haven and New Haven, CT:
Built in 2004, this 29-unit, two-story apartment complex features easy walks to local shopping and quick drives to local parks and recreation in East Haven, CT. All apartments are air conditioned and the property’s prime Main Street setting in the Outer East Haven area makes Catherine Commons a popular place to live. This property received $2.2M in acquisition funding.
This 24-unit apartment building in New Haven, CT, was built in 1960, renovated in 2001, and is comprised of 12 studio and 12 one-bedroom units. The complex features individually metered electric heat and hot water, ample off-street parking and on-site laundry facilities. The property is within walking distance of Westville Village with its small historic town culture and events. Austin Apartments received $1.7M in refinance cash-out funding through the Streamlined Rate Lock (SRL) product.
Robert Mendeles of Arbor’s Englewood Cliffs office originated the loans.
“Both of these loans demonstrate Arbor’s expertise in the Fannie Mae suite of products and also our leadership in identifying opportunities for clients in the thriving Connecticut market,” said Mendeles. “The SRL loan gives our clients the flexibility to control the timing of their loan terms and the ability to manage interest rate risk by locking the rate on a loan shortly after application. It’s another example of how we can offer customized solutions to our borrowers.”
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.
Catherine Commons – East Haven, CT
Austin Apartments – New Haven, CT
Robert Mendeles – Structured Finance Originator