Arbor Realty Trust Inc., a real estate investment trust based in Uniondale, N.Y., has announced the completion of the sale of $15 million of trust preferred securities in a private placement.The trust said it will use the proceeds to repay short-term debt and provide capital to fund loan originations. The trust preferred securities have an approximately 30-year term and bear interest at a rate of 7.87% for the first five years and a floating-rate of 2.52% above the three-month London interbank offered rate thereafter. Arbor, which specializes in real-estate-related bridge and mezzanine loans, can be found online at http://www.thearbornet.com.
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