Uniondale, NY (August 4, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,732,300 loan under the Fannie Mae DUS® Small Loan product line for the 7-unit complex known as Ocean Park Apartments in Santa Monica, CA.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.25 percent.
The loan was originated by John Kelly, (top left photo) Vice President, in Arbor’s full-service Boston, MA lending office. “This transaction was for an asset in an A+ location that had undergone a substantial rehabilitation,” said Kelly.
“After the client decided to switch from a for-sale condo approach to a long-term rental plan, Arbor went ahead and quickly closed the deal.”
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, www.arbor.com
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