Arbor funds $4 million Freddie Mac SBL deal

Brooklyn, NY Arbor Realty Trust, Inc. funded a Freddie Mac SBL deal. 2402 Gerritsen Ave., a mixed-use property, received $4 million in refinance funding through the program. The loan includes a 10-year hybrid term on a 30-year amortization schedule.

Vincent Chiodo of Arbor’s New York City office originated the loan.

“Since this is a mixed-use property, a large portion of the rental income comes from commercial tenants,” said Chiodo. “Due to our deep product expertise, we were able to consider this income and fund the loan through a Freddie program that allows Arbor to underwrite all of the property’s income and offer greater proceeds to our borrower.”

Built in 1964 and recently rehabilitated, 2402 Gerritsen Ave. is a three-story building featuring storefronts on the first level with 13-unit luxury apartments on the second and third floors. The apartments feature new appliances and oversized private terraces. Located between Marine Park and Sheepshead Bay, the property is convenient to nearby parks, restaurants and public transportation.

Tags: Brokerage

Reprint

Previous Story Next Story

Meridian Capital Group arranges 10-year retail lease for Mess at 236 West 10th St.

Manhattan, NY According to Meridian Capital Group, Jordan Langer, Noam Aziz and Carson Shahrabani of the firm’s retail leasing team have arranged a five-year lease at 236 West 10^thSt. in Greenwich Village

Houlihan Lawrence Commercial sells residential development site for $2.1 million

Houlihan Lawrence sells development site for $2.1m

GFP Real Estate signs Knit Illustrated to 4,051 s/f five-year lease at 247 West 37th St.

GFP R.E. signs Knit Illustrated to 4,051 s/f at 247 West 37th St.

The Feil Organization signs 15-year, 46,000 s/f renewal with Thompson Coburn LLP at 488 Madison Ave.

Feil signs 46,000 s/f renewal with Thompson Coburn at 488 Madison Ave.

Cushman & Wakefield arranges 16,051 s/f lease at 125 Broad St. to Harris Trzaskoma, LLP

C&W arranges 16,051 s/f lease at 125 Broad St. to Harris Trzaskoma

READ ON THE GO

DIGITAL EDITIONS

Browse Now

Quick Hits

Brokerage

Resource Realty of Northern NJ arranges two industrial leases totaling over 173,000 s/f

Columns and Thought Leadership

Behind the post: Why reels, stories, and shorts work for CRE (and how to use them) - by Kimberly Zar Bloorian

Let’s be real: if you’re still only posting photos of properties, you’re missing out. Reels, Stories, and Shorts are where attention lives, and in commercial real estate, attention is currency.

AI comes to public relations, but be cautious, experts say - by Harry Zlokower

Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,

Strategic pause - by Shallini Mehra and Chirag Doshi

Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent

Lasting effects of eminent domain on commercial development - by Sebastian Jablonski

The state has the authority to seize all or part of privately owned commercial real estate for public use by the power of eminent domain. Although the state is constitutionally required to provide just compensation to the property owner, it frequently fails to account