2 Charlotte, NC Properties Get Fannie Mae DUS® Loans Totaling $6,675,900Uniondale, NY (July 30, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of two (2) loans totaling $6,675,900 under the Fannie Mae DUS® product line. These loans include:
· Woodfield Gardens, Charlotte, NC - 132-unit complex in the amount of $2,680,000 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.
· Milton Road Apartments, Charlotte, NC – 231-unit complex in the amount of $3,995,900 under the Fannie Mae DUS® product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.00 percent.
The loans were originated by Alex Kaushansky, (top left photo) Director, in Arbor’s full-service New York City lending office. “Arbor executed both loans simultaneously allowing the borrower to meet his goal of a speedy closing,” said Kaushansky. “We were pleased to deliver in this tight timeframe.”
Shreveport, LA Apartments Obtains $1.35M Loan
Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,357,954 loan under the Fannie Mae MAH® product line for the 143-unit complex known as Calvary Crossing in Shreveport, LA.The 7-year loan amortizes on a 30-year schedule and carries a note rate of 6.17 percent.
The loan was originated by John Kelly, (bottom right photo) Vice President, in Arbor’s full-service Boston, MA lending office.
“This is a 100 percent Project Based Section 8 project that had some additional subsidy layering as well,” said Kelly. “The owner had bought this asset less than a year ago and we were able to restructure his debt to lower his cost of capital and debt service. We were pleased to demonstrate the flexibility of our financing platform for this intricate transaction.”
Contact: Ingrid Principe, iprincipe@arbor.com
No comments:
Post a Comment