Done Deals: Arbor Closes Three DUS® Loans Totaling $10,042,750

Tuesday, October 28, 2008

Arbor Closes Three DUS® Loans Totaling $10,042,750

UNIONDALE, NY, Oct. 28, 2008-– Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three (3) loans totaling $10,042,750 under the Fannie Mae DUS® product line.

These loans include:

Rockport Oaks/Bayshore Apartments, Rockport/Aransas Pass, TX (bottom left photo)-- Refinance of a 124-unit complex in the amount of $3,126,650 under the Fannie Mae DUS® product line. The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.05 percent.

Great Oaks Apartments, Lufkin, TX (top left photo) - Refinancing for a 160-unit complex in the amount of $4,650,000 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.37 percent.

Palo Verde Apartments, Colorado Springs, CO (bottom right photo)- - Refinance of a 72-unit complex in the amount of $2,266,100 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.77 percent.

The loans were originated by Jay Porterfield, (top right photo) Director, in Arbor’s full-service Plano, TX lending office.

“Arbor had the opportunity to provide financing for each of these three properties in very challenging market conditions,” said Porterfield. “In all three cases, Arbor’s team was able to work with the borrower to meet their financing needs.”