Arbor Commercial Funding, LLC (Arbor), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has completed the funding of 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 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, Mass. 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."