Arbor Realty Trust, Inc. announced the closing of a multifamily mortgage loan securitization totaling approximately $489 million (the “Securitization”). Arbor affiliate Arbor Private Label, LLC, originated the mortgage loans and was the loan seller and sponsor for the Securitization. The Securitization is the fourth for the Arbor Private Label multifamily mortgage loan securitization program.
The Securitization is backed by a pool of 30 fixed rate mortgage loans secured by first priority mortgage liens on 40 multifamily properties. Arbor’s servicing and asset management affiliate, Arbor Multifamily Lending, LLC, will be the primary servicer of the mortgage loans.
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Beneficial ownership interests in the Securitization trust are represented by a series of multifamily mortgage pass-through certificates (the “Certificates”). The Certificates were issued under a pooling and servicing agreement, which will govern the servicing and administration of the mortgage loans. An Arbor affiliate will retain the most subordinate class of Certificates, with a balance of approximately $43.4 million (the “Retained Certificates”), in satisfaction of credit risk retention requirements.
All of the Certificates (other than the Retained Certificates and residual interest) were assigned investment grade ratings by Fitch Ratings, Inc. and DBRS, Inc.
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The offering of the Certificates was made pursuant to a private placement. The Certificates are not registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.
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