reVerb Oak Forest, Oak Forest, IL
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.
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Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
