Arbor Funds a $12.7M Freddie Mac SBL Portfolio in Northern New Jersey
UNIONDALE, NY (November 25, 2019) – Arbor Realty Trust, Inc. (NYSE:ABR), a leading multifamily and commercial mortgage lender, recently funded a portfolio of Freddie Mac SBL loans throughout Northern New Jersey. The five properties, totaling 93 units, received $12.7M in refinance cash-out funding through the program. The loans are 10-year hybrids, featuring 10-year fixed followed by 10-year floating-rates on a 30-year amortization schedule.
Ari Short of Arbor’s New York City office originated the loans.
“The borrower was able to take advantage of a low-interest environment and secure 10-year fixed-rate loans for multiple properties, while also pulling out equity to purchase additional assets in the market,” said Short. “We’ve seen a lot of activity in Northern New Jersey since the New York City rent laws were amended, and we’re pleased to be able to facilitate our client’s long-term plans.”
82-92 Contant Avenue (7.2M): Built in 1966, the two-story, 50-unit complex features one- and two-bedroom apartments. The community provides on-site parking and is conveniently located near shopping, New Jersey commuter rail service, and recreation.
23-27 Jackson Street ($1.9M): This 18-unit multifamily property is comprised of mostly two- and three-bedroom units. The complex features on-site parking and is located near Route 21, approximately 12 miles to New York City.
341-343 Palisade Avenue ($1.7M): Built in 1920, this multifamily walk-up is comprised of 11-units and on-site resident parking with local and express bus service nearby.
416 Walker Street ($1.1M): The three-story complex was built in 1969. The property contains on-site parking and is conveniently located near shopping.
458-460 Walker Street ($.8M): Built in 1971, the two-story complex is conveniently located to shopping and restaurants.
Arbor Realty Trust, Inc. (NYSE:ABR) is a nationwide real estate investment trust and direct lender, providing loan origination and servicing for multifamily, single-family rental (SFR) portfolios, seniors housing, healthcare and other diverse commercial real estate assets. Headquartered in Uniondale, New York, Arbor manages a multibillion-dollar servicing portfolio, specializing in government-sponsored enterprise products. Arbor is a Fannie Mae DUS® lender and Freddie Mac Optigo Seller/Servicer. Arbor’s product platform also includes CMBS, bridge, mezzanine and preferred equity loans. Rated by Standard and Poor’s and Fitch Ratings, Arbor is committed to building on its reputation for service, quality and customized solutions with an unparalleled dedication to providing our clients excellence over the entire life of a loan.
82-92 Contant Avenue – Lodi, NJ
416 Walker Street – Fairview, NJ
Ari Short – Director, Originations