Philadelphia Luxury Community Gets Fannie Mae Refi
- Mar 28, 2019
Arbor Realty Trust Inc. has secured a Fannie Mae DUS loan for 1155 S. 15th St., a 39-unit luxury community in Philadelphia. Jared Stein of the company’s New York City office originated $6.4 million in funding with a seven-year fixed rate and two years interest-only terms.
Built in 2018, the four-story asset is located in Philadelphia’s Point Breeze neighborhood, next to the BSL subway and PATCO Speedline. Interstate 76 is close and Philadelphia International Airport is only 8 miles away. Schools, shops and eating options are within walking distance of the property. The community has a shared backyard and in-unit amenities include hardwood floors, air conditioning and gourmet-style kitchens.
“This deal provided a cash-out refinance on a newly constructed multifamily property,” Stein said, in prepared remarks. “We … set up the borrower with permanent financing to further acquire and develop new assets in the Philadelphia area.”
In January, Hunt Real Estate Capital secured a $5.9 million Freddie Mac loan for another Philadelphia mid-rise community. Located in the Manayunk neighborhood, the property is within an 18-minute drive of 1155 S. 15th St. via Interstate 76.
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