Arbor Funds $41.5M Bridge Loan in Newark, NJ
UNIONDALE, NY (April 26, 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 a bridge loan in Newark, NJ.
The 480-unit multifamily property received $41,500,000 in acquisition funding under Arbor’s bridge loan program. The deal provides a 3-year adjustable loan term.
Stephen York of Arbor’s New York City office originated the high leverage loan on this fractured condominium. “Arbor has a long standing relationship with the borrower which allowed us to have confidence with their three year timeline to stabilization and we were able to structure an interest reserve to facilitate the deal,” stated York. “The borrower purchased 452 condominium units at closing with the intent to purchase the remaining 28 units over the next three years. This transaction highlights Arbor’s unique ability to structure competitive financing solutions for some of the more complex scenarios in today’s market.”
Located in the scenic Forest Hills section of Newark’s North Ward, this garden-style apartment community offers newly renovated spacious studio and 1-2 bedroom units. Amenities include modern appliances, on-site laundry facilities, ample parking spaces and professionally landscaped courtyards.
For over 20 years, Uniondale, NY-based Arbor Realty Trust, Inc. (NYSE: ABR) has been helping multifamily and commercial real estate clients achieve their financial goals by focusing on growing long-term relationships and conducting business as not simply another real estate lender, but a partner. We value our clients to such an extent that we’re more comfortable calling them partners, and their relationships with Arbor are the foundation of our business.
Founded by Chairman and CEO Ivan Kaufman, Arbor Realty Trust, Inc. is a real estate investment trust and direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender by volume and a Top Fannie Mae Small Loan lender, a Freddie Mac Seller/Servicer and the Top Freddie Mac Small Balance Loan Lender, a Fannie Mae and Freddie Mac Seniors Housing Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-approved LIHTC Lender as well as a CMBS, Bridge, Mezzanine and Preferred Equity lender, consistently building on its reputation for service, quality and flexibility. With a multibillion-dollar servicing portfolio, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor’s with an Above Average rating. Arbor is also on the Standard & Poor’s Select Servicer List and is a primary commercial loan servicer and loan level special servicer rated by Fitch Ratings.