UNIONDALE, NY (June 26, 2008) --Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of $11,866,000 refinance loan under Fannie Mae’s DUS® program.
The Woodmere Apartments are situated on more than 14 acres in Montgomery, AL, and consists of 200 units spread over 27 garden-style apartment buildings.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08% percent, and also includes int
erest-only payments for the first five years. The proceeds from the loan will be used to pay off the property’s existing debt and cash out the borrower, as well.
The loan was originated by Ronen Abergel, a Director in Arbor’s New York City office.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08% percent, and also includes int
erest-only payments for the first five years. The proceeds from the loan will be used to pay off the property’s existing debt and cash out the borrower, as well. The loan was originated by Ronen Abergel, a Director in Arbor’s New York City office.
“In this current volatile capital marketplace, complete with gyrating Treasury rates and spreads, Arbor offered the borrower peace of mind by committing to a rate in two weeks with an early rate lock agreement,” said Abergel. “Additionally, we exceeded the borrower’s expectations by closing the deal with an additional 3% in proceeds above application.”
CONTACT:
Ingrid Principe, Marketing Specialist, Arbor Commercial Mortgage, LLC, 333 Earle Ovington Boulevard, Suite 900, Uniondale, NY 11553. PH 516-506-4298. FX 516-542-
2555.
iprincipe@arbor.com
http://www.arbor.com/
CONTACT:
Ingrid Principe, Marketing Specialist, Arbor Commercial Mortgage, LLC, 333 Earle Ovington Boulevard, Suite 900, Uniondale, NY 11553. PH 516-506-4298. FX 516-542-
2555.iprincipe@arbor.com
http://www.arbor.com/
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