Arbor Funds $5.3M Bridge Loan in Oak Forest, IL
“Arbor was able to step in mid process, due to an outside lender retrade, and close quickly with no lockout on the prepayment,” Arbor's Ryan Duff says.
OAK FOREST, IL—Arbor Realty Trust funded a $5.3 million bridge loan for reVerb Oak Forest, a 72-unit multifamily property, in Oak Forest, IL. Ryan Duff of Arbor’s New York City office originated the loan.
“Arbor was able to step in mid process, due to an outside lender retrade, and close quickly with no lockout on the prepayment,” Duff says. “We were committed to finding a solution for the borrower, a repeat customer, who intends to settle into management, take over operations and immediately begin the refinance process into a long-term fixed-rate product.”
Built in 1969 and renovated in 2008, reVerb Oak Forest residences offer in-unit washer/dryer, granite countertops, laminate wood flooring and private balconies. Community amenities include a landscaped courtyard with a gazebo, on-site parking and a security surveillance system. The property is in close distance to the Cook County Forest Preserve, George W. Dunne National Golf Center and Rock Island District Metra Line.