Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has recentlyclosed on funding of a $7.2 million loan using Fannie Mae's DUS program to refinance the 147-unit complex known as Highland Ridge Apartments.
The 10-year loan amortizes on a 30-year (five years interest-only) schedule and carries a note rate of 5.60%.
The loan was originated by John Edwards, director, in Arbor's full-service Boston lending office.
"We provided great flexibility for this acquisition financing given the timing required in connection with a 1031 exchange," said Edwards. "Further, our ability to secure an early rate lock allowed this repeat Arbor client to secure an attractive 10-year fixed-rate interest rate."