Arbor Realty Trust funded a $15 million bridge refinance loan in Brooklyn, NY.
Arbor provided the loan for 2417 Albemarle Road, a 43-unit multifamily property. The deal provides an interest only loan over a two year term.
Eugene Yanovskiy of Arbor’s New York City office originated the loan.
“Arbor’s bridge product gave our client the opportunity to take out an expensive construction loan and lease up their property,” said Yanovskiy.
“With our product, we will have a seamless transition into a permanent agency loan once the property is stabilized.”
Built in 2018, 2417 Albemarle Road provides luxury living to its residents, with features such as keyed private elevator entrances, in-unit washers and dryers, polished concrete floors, centralized air and heat, and views of the iconic Manhattan skyline.
Located just steps away from restaurants, shopping venues and several subway lines, the building also features an oversized common deck, bike storage, and an underground parking garage.