UNIONDALE, NY (Jan. 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 six loans totaling $46,491,700 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Multifamily Affordable Housing and Fannie Mae DUS® ARM 7-6 TM product lines across Texas.
These loans include:
· Red Oak Town Village Apartments, Red Oak, TX (top left photo) – This 312-unit complex received $16,967,700 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Red Oak Town Village Apartments is a new, Class A property.
South Lake Villas Apartments, Houston, TX (top right photo) – This 228-unit complex received $8,008,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. South Lake Villas has undergone several recent renovations.
· Madera Brookside, Arlington, TX (middle left photo)– This 288-unit complex received $8,000,000 funded under the Fannie Mae DUS® ARM 7-6TM product line. The seven-year refinance loan amortizes on a 30-year schedule. The property recently underwent an extensive renovation and has benefitted from increasing rents and occupancy.
Anderson Springs Apartments, Austin, TX (middle right photo) – This 325-unit complex received $7,826,000 funded under the Fannie Mae DUS® Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
· Broadmoor Villa Apartments, Irving, TX – This 100-unit complex received $3,500,000 funded under the Fannie Mae DUS® Loan product line. The seven-year refinance loan amortizes on a 30-year schedule. The Broadmoor Villa Apartments are located near Dallas/Fort Worth International airport.
Creekside Estates, Lufkin, TX (lower left photo)– This 72-unit complex received $2,190,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. Creekside provides affordable housing within its market as part of the Low Income Housing Tax Credit program.
All of the loans were originated by Jay Porterfield (lower right photo) Vice President, in Arbor’s Plano, TX, office. “Each of these transactions involved extremely strong and experienced local borrowers, which helped make the loan approval process a success in each case, Porterfield said. “Furthermore, each of the assets is in excellent condition and benefits from substantial local market demand.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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