Arbor Funds $50.4M Fannie Mae Streamlined Rate Lock Loan in Chicago, IL
UNIONDALE, NY (August 5, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Fannie Mae Streamlined Rate Lock (SRL) loan in Chicago, IL. The loan provides for the refinancing of two properties totaling 457 units. The properties received $50.4M in funding through the program and the loan has a 12-year fixed rate with full-term interest only.
Ari Short of Arbor’s New York City office originated the loan.
“After the sponsors executed on their value-add strategy and completed renovations of both buildings, we were able to structure an attractive loan that provided long-term, interest-only payments at a low rate. Our broker, Harborview Capital, ensured a smooth transaction from start to finish and provided guidance on a complicated ownership structure,” said Short.
Built in 1974, The Residences at 159 Tinley Park are comprised of 208 one- and two-bedroom units with expansive floor plans and state-of-the-art stainless steel appliances. Amenities include grilling stations and an outdoor swimming pool featuring an aqua lounge. The community is pet friendly with a dog park.
The Enclave Apartments were built in 1971 and consist of 249 units. The property features newly remodeled studio, one- and two-bedroom apartments with walk-in closets and private balconies or patios. The community is located in the northwestern suburb of Chicago.
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.
The Residences at 159 Tinley Park – Chicago, IL
Enclave Apartments – Chicago, IL
Ari Short – Director, Originations