Uniondale, NY (Nov.12, 2009) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $7,096,000 loan under the Fannie Mae DUS® Loan product line for the 105-unit complex known as Spring Hill Commons in Acton, MA.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.71 percent.
The loan was originated by John Kelly, (top left photo) Vice President, in Arbor’s full-service Boston, MA lending office. “Arbor was pleased to provide this acquisition financing,” said Kelly. “In a difficult debt market, we were able to provide over 80% financing on the purchase price and also include additional funds for the new ownership to increase the asset’s quality via their capital improvement strategy.
Sterling Court Apartments in Kansas City, MO Gets $4.9M
Uniondale, NY - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,900,000 loan under the Fannie Mae DUS® Loan product line for the 217-unit complex known as Sterling Court Apartments in Kansas City, MO.
The 10-year loan amortizes on a 26-year schedule and carries a note rate of 5.90 percent.
The loan was originated by Ronen Abergel, (bottom right photo) Director, in Arbor’s full-service New York, NY lending office. “This deal consisted of a refinance for a CMBS loan that was replaced with a 10-year fixed-rate Fannie Mae loan,” said Abergel. “The borrower was very pleased with the terms of the deal.”
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1
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