Arbor Funds $8.4M Fannie Mae Loan in Millcreek, UT
UNIONDALE, NY (October 9, 2018) – Arbor Realty Trust, Inc. (NYSE:ABR), a real estate investment trust and national direct lender specializing in loan origination and servicing for multifamily, seniors housing, healthcare, and other diverse commercial real estate assets, recently funded a Fannie Mae DUS® Loan in Millcreek, UT.
Tapestry Townhomes, which consists of seven, three-story apartment buildings totaling 42 units, received $8.4M in refinance funding through Fannie Mae’s Streamlined Rate Lock (SRL) product. The Tier II loan is structured with a 12-year fixed rate term and a five-year interest only period, followed by a 30-year amortization schedule.
Garth Davis of Arbor’s San Francisco office originated the loan. “By achieving an early, three-week rate lock with Fannie Mae’s SRL process, we were able to eliminate interest rate risk exposure,” said Davis. “The loan will fund a complex that offers a superior lifestyle compared to competing properties in the area.”
Located in the Salt Lake City Metropolitan Area, Tapestry Townhomes features modernly designed exteriors and interior amenities such as high-end wood cabinets, soaking tubs, gourmet kitchens, washer/dryer units and private balconies.
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.
Tapestry Townhomes – Millcreek, UT
Garth Davis – Senior Vice President, Originations