Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, recently funded a $2.66 million loan under the Fannie Mae DUS Small Loans product line to finance the 66-unit complex known as Quail Hollow Village.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42%.
The loan was originated by John Edwards, vice president, in Arbor's Boston lending office. "We were pleased with the opportunity to provide financing for this local owner and operator," said Edwards.
In addition Arbor recently funded of a $2.69 million loan under the Fannie Mae DUS Small Loan product line to refinance the 24-unit complex known as Thompson Drive in Randolph, Mass.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.51 percent.
The loan was also originated by John Kelly of Arbor. "This transaction demonstrates Arbor's continued ability to provide the most favorable financing available for multifamily properties. Our client has owned the property for several years and has done an excellent job of maintaining a quality asset," said Kelly. "Arbor's small balance multifamily program continues to be an excellent financing option for owners/operators across the country."