Arbor Finances $25.3M in Multifamily Deals Across New York Area
UNIONDALE, NY (Sept. 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 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:
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.
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.
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.
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. “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.”
About Us
Founded by Chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in loan origination and servicing for multifamily and other diverse commercial real estate assets. Arbor is a Top 10 Fannie Mae DUS® Multifamily Lender, an FHA Multifamily Accelerated Processing (MAP)/LEAN Lender, a HUD-Approved LIHTC Lender as well as a CMBS, Bridge and Mezzanine lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $10.4 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.