Nettleton Commons, Syracuse, NY |
Stephen York |
UNIONDALE, NY --
Arbor Commercial Mortgage, LLC (“Arbor”), a national, direct commercial real
estate lender, has funded its first loan under the newly launched Freddie Mac
Small Balance Loan initiative for Nettleton Commons in Syracuse, NY.
The 61-unit, five-story property is owned and managed by
Steven and Silvia West.
Stephen York, Vice President in Arbor’s New York City
office, originated the five-year, fixed-rate, $4-million loan, which carries
with it one year of interest-only along with 30 years of amortization. Eastern
Union was the mortgage brokerage firm in the deal.
“The borrower was specifically seeking short-term, very
low-interest financing to refinance this property and had previously worked
with banks on previous deals.
“However, through our strong relationship with Eastern
Union, we were able to introduce Mr. and Mrs. West to the new Freddie Mac Small
Balance Loan offering, which was able to provide very competitive terms that
weren’t available through other competing lenders,” York explained.
Ivan Kaufman |
“Through this deal, we believe we received the best
financing available in the market at the terms we desired, including the
non-recourse provision, which is difficult to obtain with such a low rate,”
borrower Steven West added.
“This was our first agency loan and I believe we
will focus on pursuing agency financing again in the future with Arbor.”
An historic property originally built in 1899 as a shoe
factory, Nettleton Commons was rehabilitated into a multifamily building in
1988 and also contains nine commercial office spaces and one retail space.
Steven and Silvia West have owned the property since acquiring it in 2007.
“As one of only a select few Freddie Mac Small Balance Loan
lenders in the country, Arbor was pleased to be one of the very first to fund a
loan under this highly competitive new program that serves the multifamily
small loan market,” said Ivan Kaufman, Chairman and CEO of Arbor.
“Arbor has more than
two decades of history funding small multifamily loans and understands the
expertise required to execute this product.”
Nashwa Moussa |
Nashwa Moussa, senior director of Freddie Mac
Multifamily, said, “We are excited that our Small Balance Loan initiative is
quickly gaining momentum in the marketplace and providing a strong financing option.
“ We look forward to working with Arbor Commercial Mortgage,
which we partnered with as one of our first Small Balance Loan lenders
specifically because of its deep-rooted small loan track record and experience
that we knew would greatly enhance the program.”
For a complete copy
of the company’s news release, please contact:
Christopher Ostrowski
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