UNIONDALE, NY (June 6, 2012) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of eight Multifamily loans totaling $42,830,200 under Arbor’s Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® Military Housing Loan, Fannie Mae DUS® Dedicated and Traditional Student Housing Loan and Arbor Bridge Loan product lines across the country.
These loans include:
· Brannigan Village Apartments, Winston-Salem, NC (top left photo) – This 254-unit property received $12,900,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Brannigan Village includes an in-ground swimming pool facility, a tennis court facility and playground.
· Wilshire Park Apartments/Wilshire Landing Apartments, Wilmington, NC (top right photo) – This 96-unit dedicated student complex received $8,500,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The two properties were built in 2009 and 2011 to serve the University of North Carolina Wilmington. Along with an onsite in-ground swimming pool, each apartment includes a washer, dryer and 42-inch flat screen television.
· Birchfield at Millstone, Fayetteville, NC (middle left photo) – This 60-unit property received $5,000,000 funded under the Fannie Mae DUS® Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Birchfield at Millstone is a new property completed in 2011 and its amenities include a fitness center and resort-style swimming pool area with a sundeck and clubhouse.
· Indigo Pines Apartments, Daytona Beach, FL (middle right photo) – This 240-unit property received $5,720,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Amenities at Indigo Pines include a fitness center and swimming pool.
· Marina Vista Apartments, Daytona Beach, FL (lower left photo) – This 192-unit property received $3,000,000 funded under the Fannie Mae DUS® Student Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Marina Vista Apartments serves nearby Daytona State College and Bethune Cookman University. The property has undergone recent significant renovations, and its amenities include a picnic area with barbeque grills, a playground and in-ground swimming pool.
· A 101-unit property in San Antonio, TX received a $2,884,000 acquisition loan with a two-year term funded under the Fannie Mae Bridge Loan product line.
· Whitney Manor Apartments, Hartford, CT (lower right photo) – This 58-unit property received $2,426,200 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Whitney Manor has undergone extensive renovations in the past few years, adding a new central hot water system, unit appliances as well as new exterior paint and siding.
· Lynn Portfolio, Lynn, MA (bottom left photo) – This 53-unit complex received $2,400,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The Lynn Portfolio is centrally located only nine miles north of Boston.
All of the loans were originated by John Edwards (bottom right photo), Vice President in Arbor’s Boston, MA, office.
“As evidenced by this wide variety of transactions, Arbor provides a tremendous diversity of loan products wherever our clients do business.” Edwards said. “Of course, with the Multifamily market currently outperforming other asset classes, Arbor has made sure it is there for its clients in a variety of ways as they seek to take advantage of current fundamentals. This speaks to our greater personal commitment to each and every client.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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