UNIONDALE, NY, Sept. 24, 2008) –-Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $1,574,400 loan under the Fannie Mae DUS® product line to refinance the 60-unit complex known as Encanto Apartments in Houston, TX. (bottom left map)
The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.14 percent.The loan was originated by Matt Norman, (top right photo) Director, in Arbor’s full-service Dallas, TX lending office.
“While this deal looked like a standard refinance for an experienced Houston owner/operator; Arbor’s underwriting team had to work through a couple of smaller hurdles, including negative market rate adjustments, to help the borrower accomplish his goals,” said Norman.
Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com
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