$6M Refinancing Set for Apartment Complex

LAKEWOOD, NJ-Arbor Commercial Mortgage’s Bethesda, MD office has arranged a $6 million loan under its DUS/MBS product line to refinance the 264-unit Crossroads Apartments here. The package is a 10-year interest-only loan at a note rate of 5.04%, according to Arbor’s managing regional director, Ridgely Potter.

The owner of the complex and recipient of the loan was not identified, although Potter, who originated the financing, indicates that “this was the eighth transaction between Arbor and this client. As a result of this relationship, we utilized an early rate lock to take full advantage of the favorable market conditions and closed this transaction in less than 30 days.”

The Uniondale, NY-based Arbor is a national lender specializing in debt and equity financing for multifamily, healthcare and commercial real estate. The firm’s newly organized REIT, Arbor Realty Trust, was formed to invest in bridge and mezz loans, preferred equity investments, joint ventures, note acquisitions and other real estate-related assets.