UNIONDALE, NY (Oct. 1, 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 loans totaling $31,222,000 across California and New Mexico under the
Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS®
Small Loan, Fannie Mae DUS® ARM 7-6™ and Fannie Mae DUS® Supplemental Loan
product lines. These loans include:
· 570 Knollview Court, Palmdale, CA (top left
photo) – This 144-unit multifamily property received $9,024,000 funded
under the Fannie Mae DUS® ARM 7-6™ Loan product line. The seven-year
acquisition loan amortizes on a 30-year schedule. Amenities at Knollview Court
include an in-ground, outdoor swimming pool, whirlpool spa, six laundry rooms
and a gazebo.
· 1801-1825 Morton Avenue, Los Angeles, CA
(top right photo) – This 66-unit multifamily property received $8,183,000
funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan
amortizes on a 30-year schedule. The property is located on a meticulously
landscaped site with low density, providing an uncommonly quiet and secluded
feel for the market.
· Garden Estates Apartments, Ventura, CA
(middle left photo) – This 48-unit multifamily property received $3,700,000
funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance
loan amortizes on a 30-year schedule. The Garden Estates property is comprised
of seven, two-story buildings and includes two laundry centers and a basketball
court.
· Madison at Green Valley Apartments,
Henderson, NV (middle right photo) – This 88-unit multifamily received
$3,600,000 funded under the Fannie Mae DUS® Loan product line. The five-year
refinance loan amortizes on a 30-year schedule. Located six miles from McCarran
International Airport and nine miles from the Las Vegas Strip, amenities at
Madison at Green Valley include an in-ground swimming pool.
· Woodcrest Apartments, Las Cruces, NM (lower
left photo) – This 96-unit multifamily property received $3,000,000 funded
under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan
amortizes on a 30-year schedule. The Woodcrest Apartments property is comprised
of eight, two-story buildings which lie on a 4.17-acre lot. Amenities include
an outdoor swimming pool and barbecue area.
· 13260 Maclay Street, Los Angeles, CA – This 22-unit multifamily property received $1,335,000 funded
under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan
amortizes on a 30-year schedule.
· Tuscany Villa Apartments, West Covina, CA
– This 165-unit multifamily property received $1,280,000 funded under the DUS®
Supplemental Loan product line. The nine-year equity loan amortizes on a
30-year schedule. Renovated in 2010, the two-building Tuscany Villa Apartments
is located 20 miles outside downtown Los Angeles and includes two swimming
pools, two laundry rooms, a fitness center and a barbecue area.
· The Arbors, Davis, CA – This 120-unit
multifamily property received $1,000,000 funded under the Fannie Mae DUS® Small
Loan product line. The 15-year refinance loan amortizes on a 15-year schedule.
The Arbors was renovated in 2011 and is primarily made up of tenants from the
University of California, Davis. The property includes a fitness center and
swimming pool surrounded by a sundeck.
All of the loans
were originated by Greg Gillam,
Director in Arbor’s Manhattan Beach, CA, office. “These loans are examples of
Arbor and Fannie Mae’s effort to finance well-maintained properties that
provide affordable market-rate housing throughout the California, Nevada and
New Mexico rental markets,” Gillam said.
Contact:
Chris Ostrowski
Arbor Realty Trust, Inc.
Tel: (516) 506-4255
333 Earle Ovington Blvd, Suite 900
No comments:
Post a Comment