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Arbor Realty Trust announces pricing of its public offering

The New York-based REIT will use the expected US$48.7mln proceeds for investments
The glass facade of a high-rise building
The REIT's shares started falling before the opening bell

Shares of Arbor Realty Trust Inc. (NYSE:ABR) were pressured Wednesday after the real estate investment trust priced a public offering of 5.5 million shares of common stock for expected gross proceeds of around US$48.7mln.

Arbor Realty was down 2% to US$9.14 in midday trade.

The Uniondale, New York-based real estate investment trust said it would use the proceeds from the offering to make investments relating to its business and for general corporate purposes.

Arbor Realty Trust invests in a diversified portfolio of structured finance assets in the multifamily and commercial real estate markets. It is also a national direct lender specializing in loan origination and servicing for multifamily, seniors housing, and commercial real estate.

JMP Securities is the sole book-runner for the offering.

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