Arbor Funds $3.9M Freddie Mac SBL Loan in Union City, NJ
UNIONDALE, NY (July 14, 2020) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac Small Balance Loan in Union City, NJ. Jade Apartments received $3.9M in acquisition financing through the program.
James Fiesel of Arbor’s New York City office originated the loan.
“Through our partnership with Freddie Mac, we were able to provide a seamless and successful experience for our borrower, despite the complexities of the current environment. This allowed our client to secure a beautiful property in conveniently located Union City, NJ,” Fiesel said.
Built in 2008 and renovated in 2016, Jade Apartments is comprised of one- and two-bedroom residential units. The midrise multifamily property features hardwood floors and ultra-modern kitchens with stainless steel appliances and Italian marble countertops. Public transportation, shopping, dining and entertainment are nearby.
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.
Jade Apartments – Union City, NJ
James Fiesel – Originations