1155 S. 15th St., Philadelphia, PA
PHILADELPHIA, PA—Union City, NY-based Arbor Realty Trust funded a Fannie Mae DUS loan for 1155 South 15th Street, Philadelphia, PA. The 39-unit multifamily property received $6.4M in funding through the program. The deal includes a seven-year fixed rate with two years interest only terms.
Jared Stein of Arbor's New York City office originated the loans.
“This deal provided a cash-out refinance on a newly constructed multifamily property,” Stein says. “We leveraged Arbor's expertise and experience in the market in order to set up the borrower with permanent financing to further acquire and develop new assets in the Philadelphia area.”
Built in 2018, this new luxury building is conveniently located next to public transportation and shops in Philadelphia's Point Breeze neighborhood. The property includes a shared backyard and residences featuring central air, washer/dryer machines, and gourmet-style kitchens.
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Steve Lubetkin
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].
