Midland-Odessa Portfolio Gets $130M Funding
- Apr 09, 2008
Arbor Commercial Funding L.L.C.has announced the $130 million funding through Fannie Mae to acquire 21 properties. The buy totals 3,128 units known as the Midland-Odessa Portfolio in Midland, Odessa, and Longview, Texas. The entity is a wholly-owned subsidiary of Arbor Commercial Mortgage L.L.C. This is the latest in a number of deals for Argus, which just closed three other deals, as reported yesterday by CPN. This latest funding is a 10-year loan amortizing over a 30-year schedule. It carries a note rate of 5.67 percent. Director Jay Porterfield, in Arbor’s full-service Plano, Texas lending office originated the loan. According to Arbor the deal came to it after both the broker and borrower’s prior lending arrangement “stalled.” Arbor was able to close the deal in 60 days–a busy time “that included the holiday season and a fire that damaged one of the properties,” Porterfield noted in a statement. Arbor is headquartered in Uniondale, N.Y., and has full-service lending offices throughout the United States.