Arbor Prices IPO

Arbor Realty Trust, New York, has priced an initial public offering of its common stock at $20 per share.The commercial real estate financing company expects to realize gross proceeds of $135 million from the sale of 6.2725 million shares, of which 22,500 are being offered by a stockholder of the company. The stock will trade on the New York Stock Exchange under the symbol ABR, Arbor said. The company said it expects to use the net proceeds from the offering to repay debt under a credit facility and a "master repurchase agreement." The offering, which is expected to close April 13, is led by Wachovia Securities.