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Arbor Realty Trust closes $560M commercial real estate mortgage securitization

Arbor Realty Trust Inc. closed a $560 million commercial real estate mortgage securitization, its 10th collateralized securitization vehicle.

About $441 million aggregate amount of notes were issued through a private placement and the company retained subordinate interests of about $119 million in the issuing vehicle. The $560 million of collateral includes about a $58 million additional capacity to acquire additional loans for up to 120 days from the closing date of the securitization.

The notes were secured initially by a portfolio of real estate related assets, consisting primarily of first mortgage bridge loans, and cash with a face value of $560 million. The facility has a four-year replenishment period that allows the principal proceeds from repayments of the portfolio assets to be reinvested in qualifying replacement assets, subject to certain conditions.

Arbor Realty Trust will use the proceeds to repay borrowings under its current credit facilities, pay transaction expenses and to fund future loans and investments.