Arbor Realty Trust funded a $10.6 million acquisition loan in Forest Park, GA.
Arbor provided the loan for Wingate Apartments, a 211-unit complex. Financing for the acquisition includes a two-year, floating rate senior loan and a $1.1M preferred equity component.
Ryan Duff of Arbor’s New York City office originated the loan.
“This loan is a good example of how we at Arbor focus on relationship-building and providing our borrowers with the most beneficial loan options,” said Duff.
“The preferred equity portion of the loan gives Wingate a lower cost, fixed-rate scenario that provides advantages over common equity investments.”
Built in 1965, Wingate newly renovated one-, two- and three-bedroom rentals with amenities including high-speed internet access; washer/dryer hook-ups; and t access to shopping and entertainment.