Arbor Realty Trust Inc. put the package together for borrower, Greens at Forest Park LLC. The purchase price for Fairfax Gardens, which sits on Fairview Ave. off I-695, was $2.3 million. According to Baltimore City records, the property carried a 2003 value of under $1 million.
The financing comes in the form of a two-year loan that carries a 15% equity interest and amortizes on an interest only schedule. "This loan commitment was approved within 48 hours of identifying the opportunity," Arbor executive vice president Dan Palmier explains. "It enabled the borrower to acquire and provide capital to renovate the property and will be a prime candidate for permanent refinance once stabilized.
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