Arbor Funds $8.5M for 2 Freddie Mac SBL Deals in Bronx, NY
UNIONDALE, NY (October 5, 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 two Freddie Mac SBL deals in Bronx, NY.
The properties, at 1840 and 1850 Phelan Place, received $4M and $4.5M in refinance funding, respectively. The buildings were constructed in 1926 and consist of 46 units each, most of which are rent stabilized. The deals were both structured with declining prepayment schedules and a five-year fixed rate.
Ari Short of Arbor’s New York office originated the loan. “These deals are a perfect testament to the incredible growth we are seeing in the Bronx submarket,” said Short. “After long-term ownership, the sponsors were able to pull out $3M of equity while still maintaining a very high level of affordability. These loans give them the ability to achieve a return on investment while securing a low rate for the next five years.”
Situated just a few blocks from Metro North, NYC Subway line 4, Bronx Community College, and several parks, the properties are in a prime position for future growth.
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.
1840-1850 Phelan Place – Bronx, NY
Ari Short – Director, Originations