Arbor Funds $4M Freddie Mac SBL Deal in Detroit, MI
UNIONDALE, NY (April 29, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL deal in Detroit, MI. Van Dyke Apartments, a 40-unit multifamily property, received $4M in refinance funding through the program. The loan features a 20-year hybrid term with three years of interest only on a 30-year amortization schedule.
Michael Jehle of Arbor’s Oklahoma office originated the loan.
“This is the fifth SBL loan the borrower has done with Arbor over the last four years,” Jehle said. “His formula has been the same on each deal – buy an old and tired property, renovate it completely with modern amenities and refinance. This process is proven and highly successful, primarily because of the strong construction and management capabilities of the borrower.”
Built in 1928 and renovated in 2018, Van Dyke Apartments combines classic 1920s architecture with modern living and amenities. Units have been renovated to include stainless steel appliances, granite countertops, electric fireplaces and European glass door showers equipped with double heads and a rainfall feature. The property includes an on-site laundry facility, with the option for in-unit washer/dryer hookups.
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.
Van Dyke Apartments – Detroit, MI
Michael Jehle – Vice President, Originations