Uniondale, NY (Sept. 14, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,320,700 loan under the Fannie Mae DUS® Military Housing product line for the 34-unit complex known as Boston Cove (top left photo) in Newport News, VA. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by John Kelly (top right photo) , Vice President, in Arbor’s full-service Boston, MA, lending office.
“This transaction was for town homes that were newly constructed within the past five years,” Kelly said. “This deal involves a great asset, great location and great sponsor. Arbor was pleased to work with this repeat client to take out the construction loan and replace it with long-term, low-interest, non-recourse permanent debt.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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