UNIONDALE, NY (May 26, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,600,000 loan under the Fannie Mae DUS® Small Loan product line for the 107-unit complex known as Summit Breckenridge Apartments in Duluth, MN.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.75 percent.
The loan was originated by Ted Nasca (top right photo), Director, in Arbor’s full-service Chicago, IL lending office.
“This transaction was an excellent fit for Arbor's Small Loan Program,” said Nasca. “Although located in a smaller market, the deal strengths of a solid operating history, good asset quality and excellent management allowed us to deliver on this financing request.”
Contact: Ingrid Principe, iprincipe@arbor.com
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