Uniondale, NY (Oct. 4, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $4,560,000 loan under the Fannie Mae 3Max product line for the 60-unit complex known as 655 East 233rd Street Apartments (top left photo) in Bronx, NY.
The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Brian Scharf (lower right photo), Director, in Arbor’s full-service Uniondale, NY, lending office.
“This transaction was a maximum leverage acquisition,” Scharf said. “We particularly like the location fundamentals in the Bronx as well as the rent-stabilized and controlled-tenant base, which offered downside protection and upside potential.”
Contact: Christopher Ostrowski, costrowski@arbor.com
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