Arbor Closes Two Loans Totaling $3.5M in Michigan and Indiana

$3,000,800 Fannie Mae DUS® Loan Closed on Mayfair Apartments in Jeffersonville, IN

Uniondale, NY -– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $3,000,800 loan under the Fannie Mae DUS® product line to refinance the 244-unit complex known as Mayfair Apartments (top right photo) in Jeffersonville, IN.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.54 percent.

The loan was originated by Patrick McGovern, (middle left photo) Director, in Arbor’s full-service New York, NY lending office. “Arbor was able to provide refinancing through our Fannie Mae DUS program for a first-time borrower in a challenging market.” said McGovern.

Arbor Closes $500,000 Fannie Mae DUS® Small Loan on Roseville Townhouses Cooperative in Roseville, MI

Uniondale, NY -– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the funding of a $500,000 loan under the Fannie Mae DUS® Small Loans product line to refinance the 155-unit complex known as Roseville Townhouses Cooperative in Roseville, MI.

The 28-year, 6-month loan amortizes on a 28-year, 6-month schedule and carries a note rate of 7.14 percent.

The loan was originated by Michael Jehle,(bottom right photo) Director, in Arbor’s full-service Michigan lending office.

“The members of this cooperative decided to take advantage of Fannie Mae’s Supplemental Loan Program, which allowed them to borrow additional funds on top of their original mortgage funded in 2006 for further capital improvements to their property,” said Jehle.

Contact: Ingrid Principe, Tel: (516) 506-4298, iprincipe@arbor.com