Uniondale, NY --Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,500,000 loan under the Fannie Mae DUS® Small Loan product line for the 19-unit complex known as 800 Traction Apartments in Los Angeles, CA.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.50 percent.
The loan was originated by Anthony Tarter (top right photo) , Director, in Arbor’s full-service Dallas, TX lending office. “We were pleased to refinance the borrower’s existing debt with a lower interest rate while generating excess proceeds,” said Tarter.
Arbor Closes $1,465,000 Fannie Mae DUS® Small Loan for 509 East 12th Street in New York, NY
The 15-year loan amortizes on a 15-year schedule and carries a note rate of 5.88 percent.
The loan was originated by Brian Scharf, (lower left photo) Director, in Arbor’s full-service Uniondale, NY lending office. “The borrowers are the original property developers and were very passionate about this deal,” said Scharf. “Additionally, the location and hands-on ownership made it a great refinance opportunity for Arbor as we continue to grow our small balance program.”
Contact: Ingrid Principe, P: 516.506.4298, F: 516.542.2555, http://www.arbor.com/, Follow us on Twitter @ arbor1
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