Arbor Closes Six Fannie Mae Deals Totaling $10.9M from Northeast to Southeast

Uniondale, NY (Aug. 2, 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 six loans totaling $10,900,000 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® Affordable Housing Loan product lines from the Northeast U.S. to the Southeast.

These loans include:

 Logan and Astor Apartments, Norristown, PA (top left photo) – The 84-unit complex received $3,150,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

12 Chandler Avenue, Taunton, MA (top right photo) – The 31-unit complex received $2,130,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

466 Broadway, Chelsea, MA (middle left photo) – The 17-unit complex received $1,900,000 funded under the Fannie Mae DUS® Affordable Housing product line. The seven-year refinance loan amortizes on a 30-year schedule.

Woodville Plaza Apartments, Jackson, MS (middle right photo) – The 96-unit complex received $1,170,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 25-year schedule.

Magnolia Place Apartments, Windsor Locks, CT – The 31-unit complex received $1,500,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Austin Street Apartments, New Haven, CT – The 24-unit complex received $1,050,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.

Each of the loans was originated by John Kelly (bottom left photo), Vice President, in Arbor’s full-service Boston, MA, office.

 “In the case of the Chandler as well as Logan and Astor properties, the respective borrowers were able to place long-term financing on well-maintained and managed assets,” Kelly said.

“For the Magnolia Place and Austin Street properties, our clients were able to take advantage of Arbor’s small balance program and the low interest rate environment to position the assets for the long-term.”

Contact:  Christopher Ostrowski, costrowski@abor.com