Arbor Funds $61M for Acquisitions
- Apr 08, 2008
Arbor Commercial Funding L.L.C. has recently provided loans totaling more than $61 million for three separate acquisitions. The loans are as follows: * A $28.1 million loan under the Fannie Mae DUS product line, for the purchase of The Exchange at Greenville, a 288-unit student housing complex in Greenville, N.C. The five-year loan amortizes on a 30-year schedule and has a 5.47 percent note rate. It was originated by John Edwards, director, in Arbor’s Boston office. Edwards said in a release that the financing was completed in less than 30 days. * An $18 million loan under Fannie Mae’s DUS MBS program, for the acquisition of two student housing properties in Macomb, Ill. The properties, Campus Pointe and Campus Manor, total 361 units. The five-year loan amortizes over 30 years and has a note rate of 5.46 percent. This financing was also originated by John Edwards, and was closed concurrently with the Exchange at Greenville loan. * A $15 million loan under the Arbor 85 product line, for the purchase of Water Street Apartments (pictured), a 27-unit property in New York City. The loan was originated by Stephen York, director, of Arbor’s Uniondale, N.Y., office. The financing was a combination of Fannie Mae’s DUS program with Arbor’s own mezzanine funds. Arbor Commercial Funding is a wholly owned subsidiary of Arbor Commercial Mortgage L.L.C. Currently, the firm services some $3 billion in loans, and is a rated Standard & Poor’s third-party commercial loan and special server.