Arbor Funds $61.2M Bridge Loan in Birmingham, AL
UNIONDALE, NY (February 19, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a bridge loan in Birmingham, AL. AT&T City Center, a 30-story Class A office building, received $61.2M in bridge funding. The loan will cover acquisition costs as well as significant capital improvements.
Joseph Charneski of Arbor’s New York City office originated the loan. “This bridge loan will allow our borrower to execute a major repositioning of a prominent downtown building and take advantage of the strong Birmingham fundamentals,” said Charneski. “The significant renovations planned for the property will include a demolition of existing components as well as remodeling of the building interior and other site improvements.”
The 390-foot tower, originally known as the South Central Bell Building, opened in 1972. It includes 617,453 square feet of space and is considered to be an iconic part of the Birmingham skyline. The borrower plans to convert the property into a mixed-use building, consisting of rental units as well as office and retail space. Added amenities will include a rooftop turf area, interior wet bar/kitchen, media room and fitness center.
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.
AT&T City Center – Birmingham, AL
Joseph Charneski – Vice President, Originations