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ART announces $60m Spring Street loan.

Arbor Realty Trust, Inc. ("ART") announced the recent funding of a $59,300,000 loan that was financed in two tranches.

Tranche A was a $47,900,000 loan placed under the Bridge product line and Tranche B was an $11,400,000 loan placed under Arbor's Mezzanine product line to refinance a residential condominium conversion located at 60 Spring Street, New York, NY The Borrower's sponsors are Africa Israel Investments Ltd., a major Israel-based holding and investment company, and Boymelgreen Developers, LLC, an active New York City-based company that has completed 15 real estate projects in NYC and Toronto, Canada, since 1996.

Both loans carry a 12-month term with one 12-month extension and are interest only.

Tranche A's note rate is LIBOR + 500 basis points, with a LIBOR floor of 1.10%. Tranche B's note rate is LIBOR + 600 basis points, with a LIBOR floor of 1.10%

The loan was originated by Fred Weber, Executive Vice President and Managing Director of Structured Finance and Principal Transactions, and was underwritten in ART's full-service Uniondale lending office.

"This transaction is an excellent demonstration of Arbor's ability to execute a complicated transaction--which, in this ease, involved both bridge and mezzanine financing--in an extremely tight timeframe and to exceed the expectations of our institutional-quality client," said Mr. Weber.
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Publication:Real Estate Weekly
Article Type:Brief Article
Geographic Code:1USA
Date:Mar 24, 2004
Words:216
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