Arbor closes two FHA 223(f) loans totaling $15.8m

Arbor Commercial Mortgage, LLC, recently funded two loans totaling $15,873,200 under the FHA 223(f) program. The loans include: * Villagewood, Waterbury - A 164-unit complex in the amount of $7,956,600. The 35-year loan amortizes on a 35-year schedule and carries a note rate of 4.65%. * Northwood, Waterbury - A 164-unit complex in the amount of $7,916,600. The 35-year loan amortizes on a 35-year schedule and carries a note rate of 4.65%. "The refinances facilitate the long-term preservation of affordable housing in Waterbury," said Joseph Donovan, senior vice president, production management in Arbor's full-service Boston, Mass. lending office. "We were pleased to be able to provide fixed-rate, fully amortizing loans at a very favorable rate. We also want to recognize the Hartford HUD staff for their efforts as Arbor's partner on the loans."