Arbor Funds $4M Freddie Mac SBL Deal in Brooklyn, NY
UNIONDALE, NY (June 19, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Brooklyn, NY. 2402 Gerritsen Avenue, a mixed-use property, received $4M in refinance funding through the program. The loan includes a 10-year hybrid term on a 30-year amortization schedule.
Vincent Chiodo of Arbor’s New York City office originated the loan.
“Since this is a mixed-use property, a large portion of the rental income comes from commercial tenants,” said Chiodo. “Due to our deep product expertise, we were able to consider this income and fund the loan through a Freddie program that allows Arbor to underwrite all of the property’s income and offer greater proceeds to our borrower.”
Built in 1964 and recently rehabilitated, 2402 Gerritsen Avenue is a three-story building featuring storefronts on the first level with 13-unit luxury apartments on the second and third floors. The apartments feature new appliances and oversized private terraces. Located between Marine Park and Sheepshead Bay, the property is convenient to nearby parks, restaurants and public transportation.
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 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.
2402 Gerritsen Avenue – Brooklyn, NY
Vincent Chiodo – Originations