Thursday, September 23, 2010
Arbor Closes $1,089,200 Fannie Mae DUS® Market Rate Coop Loan for Vernon House Cooperative in Philadelphia, PA
Uniondale, NY (Sept. 23, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,089,200 loan under the Fannie Mae DUS® Market Rate Coop product line for the 48-unit complex known as Vernon House Cooperative (top left photo) in Philadelphia, PA. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Edward Petti, Director, in Arbor’s full-service New York, NY, lending office. “We refinanced an existing loan for the cooperative to assist in a capital improvement plan,” Petti said. “This refinancing raised capital for the preservation of affordable rental housing in Philadelphia.”
Contact: Christopher Ostrowski, email@example.com