UNIONDALE, NY, Aug. 26, 2008 –- Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,100,000 loan under the Fannie Mae DUS® product line to finance the 120-unit complex known as Apple Creek Apartments (top right photo) in Kingsville, TX.The 92-month loan amortizes on a 30-year schedule and carries a note rate of 6.89 percent.
The loan was originated by Michael Jehle, (
bottom left photo) Director, in Arbor’s full-service Bloomfield Hills, MI lending office.
“Our client took advantage of Fannie Mae’s Supplemental Loan Program and borrowed additional loan dollars on top of their original mortgage funded in 2005,” said Jehle. “This program is available to all clients under the Fannie Mae program if the growth in Net Operating Income supports the additional advance.”Contact: Ingrid Principe, Tel: (516) 506-4298
iprincipe@arbor.com
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