Done Deals: Arbor Closes $807,100 Fannie Mae DUS® Small Loan ARM for Pine Forest Apartments in Pine Lake, GA

Friday, May 1, 2009

Arbor Closes $807,100 Fannie Mae DUS® Small Loan ARM for Pine Forest Apartments in Pine Lake, GA

UNIONDALE, NY -- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $807,100 loan under the Fannie Mae DUS® Small Loan ARM product line for the 24-unit complex known as Pine Forest Apartments in Pine Lake, GA.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 4.95 percent.

The loan was originated by Patrick McGovern, (bottom right photo) Director, Corporate Accounts, in Arbor’s full-service New York, NY lending office.

“Utilizing Fannie Mae’s Capped ARM program, Arbor was able to provide the borrower with floating rate debt,” said McGovern. “This gave the client the ability to prepay the loan after the first year.