Arbor Closes 3 Fannie Mae Loans Totaling $27.55M

1922 McGraw Avenue Cooperative in Bronx, NY Gets $1.85M

UNIONDALE, NY- - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,850,000 loan under the Fannie Mae DUS® Cooperative product line for the 53-unit complex known as 1922 McGraw Avenue Cooperative in Bronx, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.

The loan was originated by Edward Petti, (top right photo)  Director, in Arbor’s full-service New York, NY lending office. “We were pleased to successfully deliver a 10-year interest-only loan in accordance with the borrower’s wishes.”

Seminole Apartments in Baltimore, MD Receives $3.9M

UNIONDALE, NY-- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,900,000 loan under the Fannie Mae DUS® Multifamily Affordable Housing (MAH) product line for the 84-unit complex known as Seminole Apartments in Baltimore, MD.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.21 percent.

The loan was originated by Stephen York, (bottom left photo) Director, in Arbor’s full-service New York, NY lending office.

“The Sponsors purchased this property in distress and after rehabbing the majority of units were able to bring the occupancy up to 100% within a six-month period,” said York. “By the time Arbor closed the loan, the property had been 100% occupied for 12 consecutive months, which is a testament to the Sponsor’s management capabilities.

" This was our third transaction with the Sponsors, which demonstrates the importance Arbor places on financing repeat clients. Our clients were very pleased with the final loan terms and we look forward to growing our financial partnership with them.”

Hilltop Portfolio IN New York City Obtains $21,810,800

UNIONDALE, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $21,810,800 loan under the Fannie Mae DUS® Loan product line for the 317-unit complex spread over eight buildings and 23,710 square feet in New York, NY and is known as Hilltop Portfolio.

The 6.5-year loan amortizes on a 30-year schedule and carries a note rate of 5.41 percent.

The loan was originated by Edward Petti, Director, in Arbor’s full-service New York, NY lending office. “The borrower had 90 days to pay off the loans on these properties and the borrowing entity structure was very complicated,” said Petti. “There were many moving parts and a great cooperative effort between Arbor and Fannie Mae, with us ultimately closing on the 90th day.”

 
Contact:  Ingrid Principe, iprincipe@arbor.com