UNIONDALE, NY-Frederick C. Herbst, chief financial officer for locally based REIT Arbor Realty Trust Inc. has resigned to pursue other professional opportunities. His resignation will be effective Sept. 16 and he will be replaced by Paul Elenio, the company's senior vice president of finance.
In a statement Ivan Kaufman, Arbor's chairman and chief executive officer, says the firm appreciates Herbst's contributions over the years and wishes him continued success. "Paul's knowledge of the firm and his financial background make him a perfect fit to assume the CFO responsibilities and we look forward to a smooth transition." Elenio began his career with Arbor and its predecessor companies in 1991.
Arbor invests in a portfolio of multifamily and commercial real estate related bridge and mezzanine loans, preferred equity investments, mortgage related securities and other real estate related assets. The REIT's net income for the second quarter increased 296% to $22.9 million from the second quarter of 2004.
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