Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, recently funded a $1.08 million loan using Fannie Mae's DUS 3MaxExpress product to refinance the 23-unit complex known as Fitchburg Portfolio.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.97 percent.
The loan was originated by John Kelly, director, in Arbor's full-service Boston lending office. "Our client had a successful track record of operating these units over the long term," said Kelly. "This refinance positions the client for enduring success in maintaining quality rental units in this market."