UNIONDALE, NY--Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $13,000,000 loan under the Fannie Mae DUS® product line to refinance the 200-unit complex known as The Meadows (photo at left) in Montgomery, AL.The 10 year loan amortizes on a 30-year schedule and carries a note rate of 5.78 percent. The loan was originated by Ronen Abergel, (photo at right) Director, in Arbor’s full-service New York City, NY lending office. *DUS and 3MaxExpress are registered marks of Fannie Mae
“We committed to a rate in two weeks by executing an early rate lock agreement with the borrower. In addition, we closed in 29 days with an additional 5% increase in proceeds over initial screening,” said Abergel. “In light of the current volatility in the market, Arbor’s execution of this transaction exceeded the borrower’s expectations.”
CONTACT:
Arbor Commercial Mortgage, LLC
Arbor Realty Trust, Inc.
333 Earle Ovington Blvd, Suite 900
Uniondale, NY 11553
Ingrid Principe
Tel: (516) 506-4298
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