Uniondale, NY (July 11, 2011) –Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, has announced the funding of a $40,700,000 loan under the Fannie Mae DUS® Affordable Housing Loan product line in Newark, NJ.
The Arbor loan refinances First King Apartments (top left photo) in Newark, NJ, a 654-unit complex. The 10-year loan amortizes on a 30-year schedule.
First King Apartments operates in the strong residential market of Northern New Jersey in which vacancy rates are currently hovering around five percent. Job losses in the immediate area have also been on a steady decline since 2009 and rental demand in the market is expected to grow moving forward.
Originating the loan for Arbor was Stephen York (lower right photo), Director, in Arbor’s New York City office.
“Our client in this transaction significantly improved the physical condition and operations of the property over a four year span in order to take advantage of attractive long-term fixed rate financing,” York said. “In an environment where most lenders are shying away from large transactions, Arbor thrives and continues to deliver liquidity to the market.”
Contact: Christopher Ostrowski, http://www.blogger.com/costrowski@arbor.com
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