Arbor funds 11 multifamily loans totaling $19.7 million

 

 

Uniondale, NY Arbor Realty Trust, Inc. funded 11 multifamily loans in NY and NJ. The properties, totaling 124 residential units, received $19.7 million in financing. Geoffrey Platt of Arbor’s New York City office originated the loans:

“Arbor is a recognized leader in the small loan space with decades of experience in multifamily, so it has been gratifying to help both new and repeat clients navigate this difficult time and secure long term financing,” Platt said. “The New York and New Jersey markets were especially hit hard over the past year, but with personalized guidance, choice of diverse products and the right execution, we were able to successfully facilitate refinancing for investment properties in the region, further solidifying our client relationships and our dominance as a top small loans lender.”

The following properties receive funding through the Fannie Mae DUS Small Loan program:

• 34 Gillette Pl., Newark, N.J. received $3.03 million in refinancing and cash out. Built in 1910, the mixed-use property includes 25 residential units featuring one to four bedroom floorplans and a commercial retail space. Retail shopping and Essex County College are nearby.
• 603 Wyona St., Brooklyn received $1.672 million in refinancing and cash out with a 10-year fixed-rate term. The multifamily walk-up was built in 1930 and features 12 one-bedroom units. The commuter rail and local transit are in close proximity.
• 635 Vermont St., Brooklyn received $1.62 million in refinancing and cash out with a 10-year fixed-rate term. The three-story, 12-unit property was built in 1930. Fresh Creek Park and Linden Playground are a short driving distance away.
• 643 Vermont St., Brooklyn received $1.165 million in refinancing and cash out with a 10-year fixed-rate term. Built in 1930, the multifamily building is made up of five units.
• 321 Chauncey St., Brooklyn received $1.445 million. The three-story, eight-unit property was built in 1908 and features one- and two-bedroom floorplans. Retail shopping and local transit are nearby.
• 416 Suydam, Brooklyn received $1.317 million in refinancing and cash out with a 10-year fixed-rate term. The six-unit property is close to Pratt Institute and Saint Joseph’s College.
• 304 St. Nicholas Ave., Brooklyn received $1.339 million in refinancing with a 10-year term. Built in 1931, the three-story, walk-up, features seven residential units. Local transit and retail shopping are in close proximity.   
• 101 W Grove Terr., Irvington, N.J. received $1.28 million in refinancing and cash out with a five-year fixed-rate term. The three-story, 13-unit property was built in 1930.
• 399 Smith St., Brooklyn received $2.91 million in refinancing and cash out. The multifamily property features eight units. Retail shopping, the commuter rail and Brooklyn Law School are nearby.
• 1488 Bushwick Ave., Brooklyn received $2.375 million in refinancing and cash out. Built in 1979, the multifamily property is made up of 17 units. Local transit and retail shopping are within walking distance.
• 176 Decatur St., Brooklyn received $1.635 million (through the Freddie Mac SBL program) in refinancing and cash out with a 5-year fixed-rate term. The 11-unit property is near to public transportation.