Saturday, October 2, 2010
Uniondale, NY – In partnership with Fannie Mae, Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of $83,100,000 in refinancing for the 917-unit complex known as Sand Castle Apartments (top left photo) in Queens, NY.
Arbor is a Top 10 Fannie Mae DUS® lender and an FHA Multifamily Accelerated Processing (MAP) lender.
The seven-year loan amortizes on a 30-year schedule and carries a loan-to-value ratio of 80% and a debt-service-coverage ratio of 1.20.
The loan was originated by John Kelly (middle right photo), Vice President, in Arbor’s Broad Street, Boston, MA, lending office.
“The historically 100-percent-leased complex in the burgeoning Far Rockaway area of Queens, NY, is well-managed, is in excellent physical condition and features commercial space as well as units that are being renovated on a continual basis,” Kelly said.
“Arbor looks forward to growing our financial partnership with the property’s sponsorship group going forward.”
The local sub-market conditions further established the refinancing as an attractive proposition, as the local population is projected to grow steadily during the next decade along with the average household income level.
In addition, the property’s neighborhood is well-served by public transportation, good schools, numerous retail stores and various medical facilities. It is also located adjacent to several other affluent neighborhoods.
According to John Caulfield, (lower left photo) Arbor’s Executive Vice President, Director of Operations, “This deal is further evidence that for the right property and borrower, Arbor has the ability and liquidity to fund any transaction across the country.”
Contact: Christopher Ostrowski, firstname.lastname@example.org