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Arbor Closes $88M Multifamily Portfolio Refi

NEW YORK CITY-The Long Island-based real estate investment firm provides $87.7 million in financing for seven garden-apartment communities in six cities through Fannie Mae's DMBS program. The borrower plans to refinance one more asset and is in acquisition mode.

By Glen Thompson | Updated on September 12, 2002

NEW YORK CITY-Uniondale, NY-based real estate investment firm Arbor Commercial Mortgage LLC has completed an 87.7-million refi on seven multifamily properties located in six Midwestern cities. The borrower, an unnamed national investor, is planning additional funding of owned properties and new acquisitions within the next three months.

According to Arbor regional director Anthony Licwinko, who originated the transaction, the portfolio was bifurcated for the purpose of the loan. Four of the properties were financed in tax-credit bond deals totaling $61.3 million.

Licwinko, who worked with Arbor chief underwriter Justin Kennedy in negotiating the deal, tells GlobeSt.com the borrower took an adjustable rate loan that floats over the BMA (bond) index. “It was a very highly negotiated deal with many waivers involved from Fannie Mae,” he notes.

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