Arbor National Commercial Mortgage, LLC

Real Estate Weekly, Feb 23, 2000

Arbor National Commercial Mortgage, LLC announced the recent funding of $27.5 million financing for 240 West 57th Street, a 89,000 square-foot property located in Midtown Manhattan.

The property was originally constructed in 1909 as a residential building and was converted and renovated into boutique office space with a grade-level restaurant in 1998. The 14-story building consists of approximately 74,000 square feet of office/residential space and 15,000 square feet of restaurant space. The building is best known for its grade-level tenant, Planet Hollywood, a major international theme restaurant.

The loan was originated by Arbor's Structured Finance Group, located at the firm's corporate headquarters in Uniondale, NY. According to Fred Weber, senior vice president and director of Arbor's Structured Finance Group, "Arbor's Structured Finance team again responded to its customer's needs by executing this transaction quickly - enabling its customers to enter the New York real estate market by providing fast, reliable and flexible financing."

Arbor National Commercial Mortgage, LLC provides debt and equity financing for the acquisition, refinance, new construction and sub-rehab of multi-family, health-care and commercial properties.