UNIONDALE, NY (July 10, 2012) - 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 closing of 13 loans totaling $62,668,200 across Virginia, North Carolina and Georgia under the Fannie Mae Delegated Underwriting and Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan and Arbor Bridge Loan product lines.
These loans include:
· Woodland Trail Apartments, LaGrange, GA (ltop left photo) – This 236-unit multifamily property received $17,140,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Woodland Trail was constructed in 2009 and has quickly become the highest-quality asset in its market. Site amenities include a clubhouse with a computer-equipped business center, a saltwater swimming pool with a sundeck, picnic areas and a nature preserve area featuring a nature trail. The Kalikow Group was the borrower.
· Ashbury Square Apartments, Mebane, NC (top right photo)– This 192-unit multifamily property received $10,779,300 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Ashbury Square is a Class A property that was built in 2005, and its amenities include a swimming pool and clubhouse. The Kalikow Group was the borrower.
· A 112,880-square-foot retail property in Chapel Hill, NC received a $10,000,000 acquisition loan with a 60-month term under Arbor’s Bridge Loan product line.
· Chase on Commonwealth Apartments, Charlotte, NC (middle left photo) – This 132-unit multifamily property received $4,739,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Chase on Commonwealth’s amenities include an in-ground swimming pool and a fitness center.
· The Landing on Farmhurst, Charlotte, NC (middle right photo)– This 125-unit multifamily property received $3,700,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property is currently undergoing renovations and includes such amenities as an in-ground swimming pool, a fitness center and a sauna.
· The Oaks Apartments, Raleigh, NC (lower left photo) – This 88-unit multifamily property received $3,150,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The Oaks Apartments is currently undergoing renovations that will yield new appliances for units as well as new site amenities, including an in-ground swimming pool and a clubhouse.
· Sharonridge Apartments, Charlotte, NC – This 75-unit multifamily property received $3,000,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Sharonridge is undergoing renovations, and its site amenities include an extensive clubhouse and a swimming pool with a surrounding sundeck.
· 930 Providence Road, Chesapeake, VA (lower right photo)– This 32-unit multifamily property received $1,800,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2011 and now includes remodeled kitchens, bathrooms and common halls as well as a refurbished laundry room.
· 710-722 East 29th Street, Norfolk, VA – This 28-unit multifamily property received $1,200,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2010, yielding significant interior and exterior improvements, including new roofs, air conditioners, windows and gutters. The parking lot was also resurfaced.
· 1507 O’Keefe Street, Norfolk, VA (bottom left photo) – This 24-unit multifamily property received $1,095,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property was renovated in 2010 to update numerous interior and exterior aspects.
· 2011 Chesapeake Drive, Chesapeake, VA – This 24-unit multifamily property received $1,044,900 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property underwent significant renovations in 2008 and achieved many improvements including new roofs, windows and shutters on all buildings and new air conditioner wall units and appliances in each apartment.
· 811-819 East 29th Street, Norfolk VA (bottom right photo) - This 24-unit multifamily property received $1,020,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. The property underwent significant renovations in 2010.
All of the loans were originated by Brian Scharf, Vice President in Arbor’s Uniondale, NY, office.
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MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has promoted Kirk A. Felici (top right photo) from vice president to first vice president, according to John J. Kerin (lower left photo), president and chief executive officer. 
