Arbor Closes $2,025,000 Fannie Mae DUS® Small Loan for Riverhills Apartments in Grenaga, MS

UNIONDALE, NY (July 9, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,025,000 loan under the Fannie Mae DUS® Small Loan product line for the 96-unit property known as Riverhills Apartments in Grenaga, MS.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.94 percent.

The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service New York, NY lending office.

“The borrower’s original lender closed its doors midway through the processing of this loan,” said York. “Fortunately, Arbor was able to fund the loan in less than 40 days to accommodate the borrower’s 1031 exchange cutoff date and the purchase contract closing deadline.

Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/