Uniondale, NY (Sept. 15, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,850,000 loan under the Fannie Mae DUS® Small Loan product line for the 36-unit complex known as Grand Manor Apartments (top left photo) in Apple Valley, MN. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Patrick McNulty (lower right photo) , Director, in Arbor’s full-service Chicago, IL, lending office.
“This was a straightforward deal,” McNulty said. “Given the long-term ownership and solid historical operations at the property, Arbor was comfortable allowing the borrower to cash out at closing.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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