Arbor Funds $27.3M in Midwestern Fannie Mae Multifamily Transactions

Michael Jehle

UNIONDALE, NY (March 19, 2013) - 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 seven loans totaling $27,265,500 across Iowa, Wisconsin and Michigan under the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan, Fannie Mae DUS® Small Loan, Fannie Mae DUS® Affordable Housing and Fannie Mae DUS® Dedicated Student Housing product lines. These loans include:

·         Stoney Creek Village Apartments, Shelby Township, MI – This 240-unit multifamily property received $10,850,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Stoney Creek is conveniently located only 30 miles outside north of Detroit.

Stoney Creek Village
 Apartments
Shelby Township, MI

·         Waterbury Place Apartments and 787 Burcham Apartments, East Lansing, MI– This 50-unit multifamily property received $5,865,000 funded under the Fannie Mae DUS® Dedicated Student Housing product line. The 10-year refinance loan amortizes on a 30-year schedule. Both Waterbury Place and 787 Burcham are occupied exclusively by students of Michigan State University.

·         Aspen Village Apartments, Holt, MI – This 40-unit multifamily property received $4,500,000 funded under the Fannie Mae DUS® Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Each apartment unit at Aspen Village includes concrete patios or private wood-framed balconies.

Tower Place Apartments
Hudson, WI

·         Tower Place Apartments, Hudson, WI – This 32-unit multifamily property received $2,450,500 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Tower Place is situated in an area with a mix of multifamily, single-family and industrial properties as well as schools, parks and good access to the major roadways and the greater Minneapolis-St. Paul area.

·         Maquoketa Park, Maquoketa, IA – This 56-unit multifamily property received $1,185,000 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Common amenities at Maquoketa Park include multiple playground areas, a basketball court and laundry facilities.

Vinton Park Apartments
Vinton, IA

·         Vinton Park, Vinton, IA – This 72-unit multifamily property received $1,537,500 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Common amenities at Vinton Park include multiple playground areas, a basketball court and laundry facilities.

·         Strawberry Hill, Anamosa, IA – This 40-unit multifamily property received $877,500 funded under the Fannie Mae DUS® Affordable Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Common amenities at Strawberry Hill include a playground area, a basketball court and a laundry facility.

Strawberry Hill Apartments
Anamosa, IA

All of the loans were originated by Mike Jehle, Midwest Regional Director in Arbor’s Bloomfield Hills, MI, office.

“Arbor prides itself on providing creative and diverse solutions to meet and exceed the specific needs and expectations of its customers,” Jehle said.

 “This group of loans, located throughout the Midwestern United States, is evidence of not only Arbor’s market-leading presence, but ability to uniquely customize financial solutions wherever our clients do business.”

For a complete copy of the company’s news release, please contact:

Christopher Ostrowski

costrowski@arbor.com