Arbor Realty Trust funded a Fannie Mae Streamlined Rate Lock (SRL) loan in Chicago, IL.
The loan provides for the refinancing of two properties totaling 457 units. The properties received $50.4M in funding through the program and the loan has a 12-year fixed rate with full-term interest only.
Ari Short of Arbor’s New York City office originated the loan.
“After the sponsors executed on their value-add strategy and completed renovations of both buildings, we were able to structure an attractive loan that provided long-term, interest-only payments at a low rate. Our broker, Harborview Capital, ensured a smooth transaction from start to finish and provided guidance on a complicated ownership structure,” said Short.
Built in 1974, The Residences at 159 Tinley Park are comprised of 208 one- and two-bedroom units with expansive floor plans and state-of-the-art stainless steel appliances. Amenities include grilling stations and an outdoor swimming pool featuring an aqua lounge. The community is pet friendly with a dog park.
The Enclave Apartments were built in 1971 and consist of 249 units. The property features newly remodeled studio, one- and two-bedroom apartments with walk-in closets and private balconies or patios. The community is located in the northwestern suburb of Chicago.