Arrow Real Estate closes $20.58 million refinance for 176-unit multifamily

New Britain, CT Arrow Real Estate Advisors, a real estate finance advisory firm, has completed the closing of a $20.58 million Fannie Mae refinance for Springwood Gardens, a 176-unit multifamily property located at 192 Allen St. The loan was arranged by Morris Betesh, founder and managing partner, Jacob Petrovic, associate, and William Farrell, analyst, of Arrow Real Estate Advisors. Financing was provided through Fannie Mae, with PGIM Real Estate serving as the delegated underwriting and servicing lender.

“In today’s volatile rate environment, timing and execution are everything,” said Betesh. “Our team closely monitored the market and worked closely with the borrower to position Springwood Gardens for a quick rate lock once conditions became favorable. This refinance highlights our ability to stay nimble, anticipate market shifts, and deliver agency executions that maximize value for our clients.”

The 140,000 s/f property benefits from a location within the town’s submarket and has maintained consistent occupancy and stable cash flow. This refinance represents a recapitalization of an existing Fannie Mae agency loan, allowing the borrower to take advantage of improved market conditions and secure long-term, fixed-rate financing.

In a period marked by rate volatility and stringent agency requirements, maintaining vacancy thresholds was critical to achieving an optimal outcome. 

Arrow’s team worked closely with the borrower and lender to navigate these challenges, securing agency approvals in advance.