Arbor Commercial Funding, LLC ("Arbor"), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $10.94 million loan under Fannie Mae's DUS® program to acquire the 381-unit complex known as 3737 Hillcroft Apartments.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.85%.
The loan was originated by Matt Norman, Director, in Arbor's full-service Dallas, TX lending office. "3737 Hillcroft was step one in a multi-property portfolio acquisition for a repeat Arbor client that would ultimately include five other properties," said Norman. "Arbor successfully utilized its exclusive Arbor 85 loan program to provide the borrower with maximum leverage."