Arbor Closes 8 Fannie Mae Deals in California Totaling $36.7M
Uniondale, NY (08/25/2011)
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 eight loans totaling $36,715,800 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines throughout California. These loans include:
• Marine Terrace Apartments, Gardena, CA – This 145-unit complex received $8,750,000 funded under the Fannie Mae DUS® Standard Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
• Casa Monroe Apartments, Indio, CA – This 226-unit complex received $7,800,000 funded under the Fannie Mae DUS® Standard Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Island Breeze Apartments, Gardena, CA – This 104-unit complex received $6,386,000 funded under the Fannie Mae DUS® Standard Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule.
• Lake Park Apartments, Oakland, CA – This 67-unit complex received $3,800,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• 8745 Cedros Avenue Apartments, Panorama City, CA – This 16-unit complex received $3,500,000 funded under the Fannie Mae DUS® Small Loan product line. This 10-year refinance loan amortizes on a 30-year schedule.
• Carlotta Park Apartments, Los Angeles, CA – This 43-unit complex received $2,636,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Regency Park Apartments, Los Angeles, CA – This 40-unit complex received $2,345,400 funded under the Fannie Mae DUS® Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• 901 Mariposa Apartments, Los Angeles, CA – This 26-unit complex received $1,498,000 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 Greg Gillam, Director, in Arbor’s full-service Manhattan Beach, CA, office. “These transactions illustrate Fannie Mae’s continued focus on providing financing for well-maintained apartment properties in California that provide rental housing at affordable market rents,” Gillam said.
About Us
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in the origination of debt and equity financing and servicing for multifamily and other diverse commercial assets. Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $7.4 billion, Arbor is a primary commercial loan servicer and special servicer rated by Fitch Ratings and Standard & Poor’s. Arbor is also on the Standard & Poor’s Select Servicer List.
Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. For more information about Arbor, visit www.arbor.com.