Arbor Commercial Funding, LLC recently funded a $1.615 million loan under the Fannie Mae DUS loan product line for the 43-unit complex known as Sunny Knoll Apartments.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.15%.
The loan was originated by John Kelly, vice president, in Arbor's full-service Boston lending office.
"Arbor was pleased to finance this asset that has been family-owned for a generation," said Kelly. "The refinance allowed the client to execute a capital improvement plan for continued property enhancement. We look forward to our next opportunity to work with this well-positioned ownership group."