Arbor Realty Trust, a multifamily and commercial mortgage lender, recently funded five refinance cash-out loans totaling $68.6 million under the Fannie Mae Streamlined Early Rate Lock product line for conventional multifamily housing.
The loans provide 12-year fixed terms with six years of interest only.
Vincent Chiodo of Arbor’s New York City office originated the loans.
“The Streamlined Early Rate Lock product helps our clients flexibly manage their interest rate risk,” said Chiodo.
“It’s also a great example of the wide range of innovative solutions Arbor provides our borrowers, in this case, conventional multifamily properties looking to lock in favorable rates early on in the loan.”
This portfolio consists of more than 1,100 units. The two-story properties in the Dallas-Fort Worth region were recently refurbished with many indoor and outdoor amenities, and easy access to nearby cities, dining, parks, recreation and entertainment.