Uniondale, NY (June 8, 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 five loans totaling $58,010,900 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® Dedicated Student Housing Loan product lines across the Midwest.
These loans include:
309 East Green, Champaign, IL (top left photo) – The 416-unit complex received $33,620,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Wood Creek Apartments, Oak Creek, WI (top right photo) – This 216-unit complex received $12,300,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
Southwind Prairie Apartments, Lake Geneva, WI (middle left photo) – This 96-unit complex received $7,210,900 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
Country Cove Apartments, Young America, MN (middle right photo) – This 48-unit complex received $1,280,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
El Patio Apartments, Louisville, KY – This 117-unit complex received $3,600,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
The loans were originated by Patrick McNulty (lower left photo), Vice President in Arbor’s full-service Chicago, IL, lending office.
With regard to the 309 East Green property, McNulty stated, “Fannie Mae is clearly committed to student housing deals and will compete for this business, especially on well-located, high-quality assets at major universities.
"The asset at 309 East Green is a high-end, Class A student housing deal situated within close proximity to a Big Ten campus with local, experienced sponsorship.”
Elaborating on these most recent deals further, McNulty added, “There has been a bit of a misconception in the marketplace that Arbor is strictly a small balance shop.
"While we are indeed extremely active and successful in that space, we have had and continue to have a great deal of success on larger deals as well.
"We have been able to win deals of various sizes throughout the Midwest over the past few months and that is consistent across many other areas of the country.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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