Uniondale, NY (May 26, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC and a national, direct commercial real estate lender, announced the recent funding of three loans totaling $31,400,000 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines from Texas to California:
Greenhaven Apartments, Union City, CA (top left photo) – The 250-unit complex received $26,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The 28-year-old San Francisco Bay-area property is and has historically been a greater-than-95-percent-occupied asset. Furthermore, there have not been any significant housing developments in the surrounding area recently.
Lions Gate Apartments, Fresno, CA (middle right photo) – The 48-unit complex received $2,000,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Coronado North Apartments, Denton, TX (lower left photo) – The 144-unit complex received $3,100,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
All of the loans were originated by Jay Porterfield, Vice President, in Arbor’s full-service Plano, TX, lending office.
“The large Greenhaven Apartments acquisition deal involved an experienced and professional California-based borrower that is very familiar with the property and surrounding market.
“Arbor provided a competitive interest rate for the deal and underwrote and closed the loan in an expeditious manner,” Porterfield said.
“The sponsors involved in the Lions Gate and Coronado North Apartments transactions both opted for lower-leverage refinancings. Lions Gate is consistently highly occupied and Coronado North is managed and maintained exceedingly well.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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