Arbor accused of dangling refinance before foreclosing on Georgia apartments

The former owners of a Georgia apartment complex sued Arbor Realty Trust for allegedly locking them into a high-interest loan with the promise of refinancing, only to lead the owners into foreclosure and buy the property from them at auction. Brothers Yisroel and Hanoch Cimerring, who bought the 474-unit complex in College Park, Georgia for nearly $45 million, allege that Arbor offered them a two-year bridge loan for the apartment complex under the impression that they would later refinance the property using a Fannie Mae loan. However, the lawsuit alleges that Arbor strung the brothers along with the promise of […]

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