Arbor Closes Three Fannie Mae DUS® Loans Totaling $9.8M Across Midwest
Arbor Closes Three Fannie Mae DUS® Loans Totaling $9.8M Across Midwest
Uniondale, NY (03/14/2011)
Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three diverse loans totaling $9,797,400 under the Fannie Mae DUS® Dedicated Student Housing Loan, Fannie Mae DUS® Limited Equity Co-op Loan and Fannie Mae DUS® Small Loan product lines across the Midwest:
• Cedar Greens Portfolio, East Lansing, MI – The 54-unit student housing complex near the campus of Michigan State University received $6,000,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line following a complete renovation. The 10-year loan amortizes on a 30-year schedule.
• Colonial Square Cooperative, Kansas City, MO – The 251-unit complex received $2,447,400 funded under the Fannie Mae DUS® Limited Equity Co-op Loan product line. The 10-year loan amortizes on a 30-year schedule.
• Creekside and Meadow Brook Apartments, New Richmond, WI – The 48-unit complex received $1,350,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.
The loans were originated by Michael Jehle, Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI, lending office. “In each of these diverse Midwest deals, the borrowers took advantage of attractive financing opportunities to improve and/or refinance their properties,” Jehle said. “With Cedar Greens, the repeat Arbor borrower replaced its variable short-term bank debt with long-term, fixed-rate financing following a complete renovation. In Colonial Square, the cooperative’s members wanted to undertake a significant renovation and we assisted by providing an attractive fixed-rate loan that completed the improvements. In the case of Creekside and Meadow Brook, the repeat Arbor borrower converted its variable-rate financing to fixed-rate.”
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 $7.7 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.