UNIONDALE, NY, Sept. 23, 2008 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $4,450,000 loan under the Fannie Mae DUS® product line to refinance the 60-unit complex known as La Casa Illusion Apartments (bottom left map) in Phoenix, AZ.The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.26 percent.
The loan was originated by Ronen Abergel, (top right photo) Director, in Arbor’s full-service New York, NY le
nding office. “Initially, this deal was slated as a condo conversion but the Sponsor switched to a rental operation,” said Abergel.“In order to expeditiously get the Sponsor out of his high-interest hard money loan, we began due diligence during the property’s lease-up stage so that we could close immediately upon stabilization and by extension, prevent further deterioration of the Sponsor’s equity.”
Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com
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