Arbor Closes $20M on 2 Loans in Illinois and New York

Longacre Ponds in Fairview Heights, IL Receives $17,882,500

UNIONDALE, NY (May 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $17,882,500 loan under the Fannie Mae DUS® product line for the 252-unit complex known as Longacre Ponds in Fairview Heights, IL.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.68 percent

The loan was originated by Patrick McNulty (top right photo) , Director, in Arbor’s full-service Chicago, IL lending office.

 "Arbor was pleased to deliver attractive terms to our Borrower on a high quality asset,” said McNulty. “We made certain assumptions in our initial loan screening and the subsequent performance of the property met and exceeded our expectations allowing us to provide additional loan proceeds.”

Livonia Avenue Apartments in Brooklyn, NY Obtains $2.7M

UNIONDALE,  NY (May 27, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,700,000 loan under the Fannie Mae DUS® Small Loan product line for the 22-unit complex known as Livonia Avenue Apartments in Brooklyn, NY.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.87 percent.

The loan was originated by Alexander Kaushansky (middle left photo) , Director, in Arbor’s full-service New York, NY lending office.

“The borrower was looking for permanent financing after they completed construction and leased up the property,” said Kaushansky. “Arbor was able to provide a permanent 10-year loan that met his requirements.”

Contact:  Ingrid Principe, Marketing Manager, Arbor Commercial Mortgage, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1