Uniondale, NY (July 22, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,775,000 loan under the Fannie Mae DUS® Small Loan product line for the 43-unit complex known as Woodpark Apartments (top left photo) in Seattle, WA.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.86 percent.
The loan was originated by Jon Red, (bottom right photo) Director, in Arbor’s full-service Spokane, WA lending office.
“The borrower was seeking a low rate for a 10-year fixed-rate term along with maximum leverage,” said Red. “Arbor was able to capitalize on a drop in rates and increase loan proceeds to $3,775,000, a $125,000 increase over the loan amount in the application.”
Contact: Ingrid Principe, iprincipe@arbor.com
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