Arbor Realty Trust funded a $19 million Fannie Mae Streamlined Rate Lock (SRL) loan in Santa Monica, CA.
The refinance cash-out deal for this 34-unit luxury apartment complex features 10 years full term interest only.
Garth Davis of Arbor’s San Francisco office 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,” said Davis.
“We were able to accomplish this transaction swiftly by negotiating with our long-term Fannie Mae partners to replace the borrower’s construction loan with an attractive permanent solution.”Built in 2019, Pico Eleven Luxury Residences offer amenities such as spacious, brightly lit open floor plans and top-of-the-line appliances. Outdoor features include large private decks and three ocean view community lounge areas with barbecues, firepits and WiFi access.
The complex is also located near shopping venues, local parks and beaches, as well as the Santa Monica Pier Aquarium.