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| 103 Chancellor Avenue Apartments, Newark, NJ |
UNIONDALE, NY - 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 eight
loans totaling $25,255,000 across the country under a variety of loans,
including the Fannie Mae Delegated Underwriting & Servicing (DUS®) Loan and
Fannie Mae DUS® Small Loan product lines. These loans include:
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| 25 Van Velsor Place Apartments, Newark, NJ |
· 103 Chancellor Avenue Apartments, Newark, NJ – This
108-unit multifamily property received $7,000,000 funded under the Fannie Mae
DUS® Loan product line. The five-year refinance loan amortizes on a 30-year
schedule. The complex includes a central laundry facility that is located on
the ground floor. The property is close to major highways, including the Garden
State Parkway, as well as Newark Liberty International Airport.
· 25 Van
Velsor Place Apartments, Newark, NJ – This 83-unit multifamily property
received $5,000,000 funded under the Fannie Mae DUS® Small Loan product line.
The five-year refinance loan amortizes on a 15-year schedule. The complex
includes a central laundry facility that is located on the ground floor. The property is located approximately 15
miles west of New York.
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| 227 North Oraton Parkway Apartments East Orange, NJ |
· 227
North Oraton Parkway Apartments, East Orange, NJ – This 25-unit multifamily
property received $1,103,100 funded under the Fannie Mae DUS® Small Loan
product line. The five-year refinance loan amortizes on a 30-year schedule. The
property is located approximately 15 miles west of New York.
· 5-15
Rhode Island Avenue Apartments, East Orange, NJ – This 22-unit multifamily
property received $1,031,900 funded under the Fannie Mae DUS® Small Loan
product line. The five-year refinance loan amortizes on a 30-year schedule. The
property is located approximately 15 miles west of New York and includes
on-site parking.
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| 5-15 Rhode Island Avenue Apartments East Orange, NJ |
· Menahan
Street Apartments, Brooklyn, NY – This 12-unit multifamily property
received $3,350,000 funded under the Fannie Mae DUS® Small Loan product line.
The 10-year refinance loan amortizes on a 30-year schedule. The complex is
located approximately within easy access to public transportation, including
the M & L subway trains.
· 1 Fred
Hecht Apartments, Spring Valley, NY – This 18-unit multifamily property
received $3,235,000 funded under the Fannie Mae DUS® Small Loan product line.
The 10-year acquisition loan amortizes on a 30-year schedule. Each unit has a
private garage and private driveway.
The property is located about 20 miles from Manhattan.
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| 1 Fred Hecht Apartments, Spring Valley, NY |
· 48-52
South 2nd Avenue Apartments, Mount Vernon, NY – This 33-unit multifamily
property received $2,540,000 funded under the Fannie Mae DUS® Small Loan
product line. The seven-year refinance loan amortizes on a 25-year schedule.
The building includes a central laundry room and is located approximately 21
miles from Manhattan.
· Ellery
Street Apartments, Brooklyn, NY – This 17-unit multifamily property
received $1,995,000 funded under the Fannie Mae DUS® Small Loan product line.
The 10-year refinance loan amortizes on a 30-year schedule.
All of the loans were originated by Alexander Kaushansky,
Vice President in Arbor’s New York office.
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| Alexander Kaushansky |
“Each of these
properties represents the efforts of Arbor to provide competitive financing in
some of the New York area’s fastest growing neighborhoods. As a New York-based
lender, our unique expertise in these neighborhoods is unmatched.” Kaushansky
said.
“Furthermore, as
always, it is our intention to customize the necessary funding for borrowers,
wherever their business takes them and no matter the loan size required.”
For a complete
copy of the company’s news release, please contact:
Chistopher Ostrowski
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