UNIONDALE, NY, April 13, 2009 – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $16,500,000 loan under the Fannie Mae DUS® product line for the 591-unit complex known as Harper Square Coop (top right photo) in Chicago, IL.The 30-year loan amortizes on a 30-year schedule and carries a note rate of 7.17 percent.
The loan was originated by Michael Jehle, (bottom left photo) Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI lending office.
“The members of Harper Square Cooperative were looking for a lender that could decouple their existing HUD 236 mortgage and also provide substantial renovation funds for the upgrade of their property,” said Jehle. “Arbor was able to do both at a very attractive long-term interest rate.
Contact: Ingrid Principe, Iprincipe@arbor.com
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