The 13-year loan amortizes on a 30-year schedule and carries a note rate of 6.19 percent.
The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office. “South Creek was a refinance of an existing LIHTC property for a repeat borrower,” said Porterfield. “Arbor continues to be a very active lender in Fannie Mae’s Multifamily Affordable Housing program.”
Austin Pacifica Apartments in Austin, TX Obtains $1.65M Funding
Uniondale, NY (Dec.r 21, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,650,000 loan under the Fannie Mae DUS® Small Loan product line for the 102-unit complex known as Austin Pacifica Apartments (bottom left photo) in Austin, TX.
The 10-year loan amortizes on a 25-year schedule and carries a note rate of 5.67 percent.
The loan was originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX lending office. “Arbor had the opportunity to provide acquisition financing for Austin Pacifica,” said Porterfield. “The property was a strategic addition to the borrower’s other holdings in the neighborhood.”
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com,%20follow/ us on Twitter @ arbor1
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