UNIONDALE, NY (Mar. 15, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $20,004,400 loan under the Fannie Mae DUS® product line for the 320-unit complex known as Cobblestone Village Apartments in Summerville, SC.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.88 percent.
The loan was originated by John Edwards,(top right photo) Vice President, in Arbor’s full-service Boston, MA lending office. “This financing represents our ability to replace existing construction financing with long-term, fixed-rate financing for a repeat Arbor client,” said Edwards. “Additionally, we appreciate Carolina Mortgage Company’s efforts in arranging this financing.”
Contact: Ingrid Principe, iprincipe@arbor.com
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