Arbor Realty Trust, a commercial mortgage lender, recently funded a Fannie Mae Streamlined Rate Lock (SRL) portfolio in Hasbrouck Heights, NJ. The loans provided for the acquisition of two multifamily buildings totaling 338 units. The properties received $55.3M in financing through the program and have 12-year fixed rates with six years of interest only payments. Stephen York of Arbor’s New York City office originated the loan.
“Immediately following a significant drop in the 10-year Treasury, we were pleased to take advantage of Fannie Mae’s Streamlined Rate Lock option, which allowed the borrower to lock in very favorable terms when the market presented an opportunity,” York said. “This transaction highlights Arbor’s unique ability to act quickly for the benefit of our clients and take advantage of the latest available products in the agency financing marketplace.”
Skyline Apartments, built in 1950, are comprised of 124 one and two-bedroom units with New York City views, hardwood floors and newly renovated kitchens. The community is pet-friendly and conveniently located to shopping, dining and entertainment.
The Boulevard Apartments were built in 1951 and consist of 214 units. The one- and two-bedroom apartments feature newly renovated kitchens and bathrooms, and feature hardwood floors. The community is located just seven miles from New York City.