Uniondale, NY (October 28, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $3,784,000 loan under the FHA 223(f) program to refinance the 164-unit complex known as Crown Gardens in Houston, TX.
The 35-year loan amortizes on a 35-year schedule and carries a note rate of 5.50 percent.
The loan was originated by Jay Porterfield, (top right photo) Vice President, in Arbor’s full-service Plano, TX lending office.
“Arbor refinanced this acquisition loan through our HUD MAP license using the HUD 223(f) program,” said Porterfield. “Through this program, Arbor was able to provide an attractive loan amount at very competitive interest rate.”
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/
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