The owner is a Maryland-based owner/operator of multifamily properties.
The 10-year loan amortizes on a 30-year schedule. The interest rate is 4.76%.
The original bridge loan financing, was for 12 months beginning last December, and the borrower refinanced early due to favorable rates, according to Dan Palmier, executive vice president of asset management and dispositions in Arbor's full-service Uniondale, NY, lending office.
"We made the determination that it was a great time to refinance the transaction," Palmier says. "They were really able to exploit the market. This permanent loan transaction was the successful take out of Arbor's acquisition bridge loan with a long-standing, repeat borrower."
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