Dealmaker: Arbor Funds $60M for Three Multifamily Properties

Arbor Realty Trust, Uniondale, N.Y., funded $59.7 million in multifamily refinance and acquisition loans.

In the Chicago area, Arbor funded a $50.4 million Fannie Mae Streamlined Rate Lock loan that refinanced two properties totaling 457 units. Arbor Director Ari Short originated the 12-year fixed-rate loan with full-term interest-only payments.

The Real Deal Chicago reported Manna Capital, Chicago, refinanced both assets. Harborview Capital brokered the transaction.

“After the sponsors executed on their value-add strategy and completed renovations of both buildings, we were able to structure an attractive loan that provided long-term, interest-only payments,” Short said.

Built in 1974, The Residences at 159 Tinley Park has 208 one- and two-bedroom units. The Enclave Apartments in Hoffman Estates dates to 1971 and houses 249 units.

In Florida, Arbor funded a $9.3 million 24-month bridge loan for the acquisition of 91-unit property Arlington Manor Apartments.

Alexander Kaushansky, Vice President in Arbor’s New York City office, originated the loan, which allowed the borrower to close on the property and execute his strategic plan before exiting to long-term financing.

Built in North Miami in 1969, Arlington Manor Apartments offer studios to three-bedroom residences with several floor plan options.