Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has funded a $6.13 million loan under the Fannie Mae DUS product line to acquire the 61-unit complex known as Hamilton Square Apartments.
NAI Hunneman brokered the nearly $7.2 million sale.
Oak Ridge Apartments LP sold the 4.4 acre property located at 135 Chestnut St. to Universal Realty Corp.
The 5-year loan amortizes on a 30-year schedule and carries a note rate of 5.48%.
The loan was originated by John Kelly, director, in Arbor's full-service Boston lending office. "The loan amount included $300,000 for project upgrades that were identified by our client as part of their pre-acquisition strategy," said Kelly. "We closed within the identified timeline and have already begun processing our next transaction for this excellent sponsorship team."
DUS and 3MaxExpress are registered marks of Fannie Mae.