Arbor Funds $5.3M Bridge Loan in Oak Forest, IL
UNIONDALE, NY (March 26, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a bridge loan in Oak Forest, IL. reVerb Oak Forest, a 72-unit multifamily property, received $5.3M in funding through the program.
Ryan Duff of Arbor’s New York City office originated the loan.
“Facilitated by our agility and expertise, Arbor was able to step in mid process, due to an outside lender retrade, and close quickly with no lockout on the prepayment,” Duff said. “We were committed to finding a solution for the borrower, a repeat customer, who intends to settle into management, take over operations and immediately begin the refinance process into a long-term fixed-rate product.”
Built in 1969 and renovated in 2008, reVerb Oak Forest residences offer in-unit washer/dryer, granite countertops, laminate wood flooring and private balconies. Community amenities include a landscaped courtyard with a gazebo, on-site parking and a security surveillance system. The property is in close distance to the Cook County Forest Preserve, George W. Dunne National Golf Center and Rock Island District Metra Line.
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.
reVerb Oak Forest – Oak Forest, IL
Ryan Duff – Vice President, Originations