Arbor Realty Trust affiliate borrows $16M from Arbor fund for multifamily property in Chinatown

Arbor Realty Trust affiliate Arbor Management Acquisition Company through the entity 75 Baxter Owner LLC as borrower signed a loan agreement with lender Arbor Private Label, LLC valued at $15.6 million for 1 parcel, including the tax class multifamily, semi-fireproof with stores (D7) and containing 48 residential units at 75 Baxter Street in Chinatown. The deal closed on December 10, 2019 and was recorded on January 6, 2020.
The property contains a total of 30,582 square feet of built space.
The average loan per unit is $325,000.
The last time the property sold was June 17, 2019, for $20,150,000.

Over the past five years, there have been 11 NYC Department of Buildings permit applications filed for this parcel valued at more than $20,000. There were 11 renovation/alteration projects (A2) applied for with a total estimated value of $633,800.
Direct link to Acris document. link
Direct link to the city’s interactive property map, ZOLA. link