Arbor Funds $6.7M Freddie Mac SBL Deal in Michigan
UNIONDALE, NY (February 1, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a Freddie Mac SBL portfolio in Michigan. The three properties, totaling 154 units, received $6.7M in combined funding. Each loan comes with a 20-year term including a 10-year fixed rate.
The portfolio includes: Troy Village Apartments in Troy, MI, which received $1.1M in funding; Pointe Place Apartments in Taylor, MI, which received $3M in funding; and Truman Village Apartments in Rockwood, MI, which received $2.5M in funding.
David Galst of Arbor’s Century City office originated the loan. “I’m happy to report that the borrower sincerely appreciated Arbor’s straight-forward and hands-on execution in closing this cash-out refinance deal,” said Galst. “The terms of the loan facilitated the removal of a vacant lot adjoining one of the properties which was encumbered by the prior lender.”
Built in 1957, Troy Village Apartments offer amenities such as on-site parking, laundry facilities and high speed internet access. The property is in close proximity to I-75 with easy access to Detroit Metro Airport.
Pointe Place Apartments, built in 1971, provide on-site parking options, high-speed internet access and rentable storage units.
Truman Village Apartments, also built in 1971, offer a park-like setting with a large pet-friendly community, playground and personal patios. The property is close to Lake Erie Metro Park and Lake Erie Smith Creek.
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 Fannie Mae, Freddie Mac and other government-sponsored enterprises, as well as CMBS, bridge, mezzanine and preferred equity lending. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and flexibility, and dedicated to providing our clients excellence over the entire life of a loan.
David Galst – Vice President, Originations