Arbor Realty Trust Inc. consolidated subsidiaries Arbor Realty Commercial Real Estate Notes 2017-FL3 Ltd. and Arbor Realty Commercial Real Estate Notes 2017-FL3 LLC have issued about $356.4 million principal amount of investment grade-rated notes and $31.8 million principal amount of below investment grade-rated notes evidencing a commercial real estate mortgage securitization.
The notes were sold in a private placement.
Concurrent with the issuance, Arbor Realty Commercial Real Estate Notes 2017-FL3 issued and sold preferred shares with a notional amount of $91.8 million to a third consolidated subsidiary of Arbor Realty Trust. The $31.8 million of below investment grade-rated notes were sold to a third-party consolidated subsidiary of Arbor Realty Trust.
The net proceeds from the sale of the notes will be used to repay borrowings under Arbor Realty Trust's current credit facilities, pay transaction expenses and fund future loans and investments.
