Tennis Road Apartments in Mattapan, MA Receives $7,225,000UNIONDALE, NY, Mar. 18, 2009 - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $7,225,000 loan under the Fannie Mae DUS® Loan product line for the 55-unit complex known as Tennis Road Apartments in Mattapan, MA.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.12 percent.
The loan was originated by John Kelly, (top right photo) Vice President, in Arbor’s full-service Boston, MA lending office.
“This transaction represented Arbor’s flexibility in handling a project that has a mix of market rate and affordable units” said Kelly. “Our ability to continue to fund non-recourse loans at 80% loan-to-value demonstrates the resilience of the capital markets as it relates to financing for multifamily projects.”
Beverly Plaza Apartments in Spokane, WA Obtains $935,000
In Spokane, WA, Arbor Commercial Funding announced the recent funding of a $935,000 loan under the Fannie Mae DUS® Small Loan product line to refinance the 30-unit complex known as Beverly Plaza Apartments in Spokane, WA.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.10 percent.
The loan was originated by Jon Red, (bottom left photo) Director, in Arbor’s full-service Spokane, WA lending office.
“The borrower needed to refinance his existing mortgage, which had matured,” said Red. “Arbor came in and quickly closed the deal in 50 days, much to the pleasure of the borrower."
Contact: Ingrid Principe, Iprincipe@arbor.com.
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