The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.
The loan was originated by John Kelly, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.
“Arbor was pleased to provide this new client with a refinance through our successful Small Loan program,” said Kelly. “The owner has done an excellent job of managing the property and maintaining an excellent tenant base.”
Uniondale, NY (Aug. 17, 2009) – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,200,000 loan under the Fannie Mae DUS® Student Loan product line for the 94-unit complex known as Amber Properties in Lansing/East Lansing, MI.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.44 percent.
The loan was originated by Michael Jehle, Midwest Regional Director, in Arbor’s full-service Bloomfield Hills,MI lending office. “This loan was secured by three separate student properties all owned by the same borrower,” said Jehle. “Through this refinance we were able to dramatically increase the borrower’s cash flow and substantially reduce their interest cost.”