Arbor Funds $903,000 Fannie Mae Small Loan in Reading, PA
UNIONDALE, NY (December 14, 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 Small Loan in Reading, PA.
Pennside Court Apartments, a 19-unit multifamily property, received $903,000 in funding through the Fannie Mae Small Loan program. The deal provides a 10-year fixed rate term (with 9.5-year yield maintenance) and a 30-year amortization schedule.
Matt Madacsi of Arbor’s New York City office originated the loan. “This loan was a prime example of Arbor’s flexibility, compared to a local bank execution” Madacsi said. “With the Fannie Mae Small Loan product, we were able to provide a full-leverage quote and close within the allotted time frame. Arbor continues to dominate in these secondary and tertiary markets with our agency products, and I look forward to closing more deals in the immediate area.”
Built in 1930, Pennside Court Apartments features beautiful French Quarter-inspired architecture and is just 10 minutes from Downtown Reading. The property includes spacious apartments with hardwood floors and air conditioning, as well as on-site laundry facilities, charming patios and a 24-hour emergency maintenance team.
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.
Pennside Court Apartments – Reading, PA
Matt Madacsi – Originations