Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, recently closed on a $7.78 million loan under the Fannie Mae DUS MBS Loan product line for the 128-unit property known as the Bridgeport Portfolio.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.90%.
The loan was originated by Stephen York, director, in Arbor's full-service New York lending office. "The goal for this client, a major multifamily owner in Connecticut, was to refinance and pull out trapped equity that could be used towards the purchase of additional multifamily properties," said York. "We were pleased to assist the sponsor in accomplishing his objective and we look forward to future opportunities together."
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 ten Fannie Mae DUS lender and an FHA Multifamily Accelerated Process (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $6.3 billion, Arbor is a rated Standard & Poor's third-party commercial loan and special servicer.