Dealmaker: Arbor Funds $52M in Refi, Bridge Loans

Arbor Realty Trust Inc., Uniondale, N.Y., funded $52.1 million for multifamily properties in California and Louisiana.

Pico Eleven Luxury Residences

In Santa Monica, Calif., the firm funded a $19 million Fannie Mae Streamlined Rate Lock loan. The 10-year refinance cash-out deal for 34-unit apartment community Pico Eleven Luxury Residences featured full-term interest-only payments.

Arbor Senior Vice President and Western Regional Director Garth Davis originated the deal. “This deal was unique in several ways, but mainly that it is a brand-new build in Santa Monica, which is quite rare,” he said.

Built in 2019, Pico Eleven Luxury Residences is close to several shopping venues, local parks and beaches and the Santa Monica Pier Aquarium.

Davis also originated a $25 million Fannie Mae Delegated Underwriting and Servicing Green Rewards loan in Los Angeles.

888 Hilgard Avenue, a built in 1976 and renovated in 2015, secured the seven-year cash-out loan with five years of interest-only payments.

Davis said the transaction was unusual because most of the asset’s units were furnished, making it more challenging to find the right lender.

Arbor also funded a bridge loan in Shreveport, La., for the acquisition of Willow Trace Apartments. This 192-unit property received $8.1 million in financing, arranged by Arbor Originator Sam Schwass.