Arbor Closes 2 Fannie Mae Loans totaling $19M

Piedmont Plantation in Sumter, SC Receives $14.43M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $14,431,000 loan under the Fannie Mae DUS® product line to finance the 252-unit complex known as Piedmont Plantation (top left photo) in Sumter, SC.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.22 percent.

The loan was originated by John Edwards, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.

“This financing presented several significant challenges mainly related to the changes in the real estate taxes. Thankfully we were able to structure the loan in accordance with the client’s expectations. We were pleased with the opportunity to work closely with a strong owner and development team and look forward to continuing our business relationship with this important client.”

Cranbrook Centre Apartments in Southfield, MI Obtains $4.68M

UNIONDALE, NY (Mar. 11, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,680,000 loan under the Fannie Mae DUS® product line for the 132-unit complex known as Cranbrook Centre Apartments (bottom right photo) in Southfield, MI.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.10 percent.

The loans were originated by Michael Jehle, (bottom left photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.

“The Borrower had a 10-year balloon payment that was soon due on a property that they had owned and managed for over 25 years,” said Jehle. “Arbor was able to provide very attractive financing to pay off this existing debt for another 10 years through our Fannie Mae DUS® product line.”

Contact: Ingrid Principe, P: 516.506.4298. F: 516.542.2555. IPrincipe@arbor.com
http://www.arbor.com/