Arbor Realty Trust Funds $41.5M Bridge Loan for Multifamily Property in Newark
NEWARK, N.J. — Arbor Realty Trust has funded a $41.5 million bridge loan for the acquisition of a multifamily property located in Newark’s Forest Hills section. The deal provides a three-year adjustable loan term. Stephen York of Arbor’s New York City office originated the loan. The undisclosed borrower used the loan to acquire 452 units at closing, with the intent to purchase the remaining 28 units over the next three years. The garden-style apartment community features studio, one- and two-bedroom layouts, on-site laundry facilities, parking and landscaped courtyards.