Arbor Closes $13.6M Fannie Mae DUS® Loan for Fairways Apartments in Fitchburg, WI

Uniondale, NY (Aug. 24, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $13,600,000 loan under the Fannie Mae DUS® product line for the 369-unit complex known as Fairways Apartments (top left photo)  in Fitchburg, WI.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.96 percent.

The loan was originated by Patrick McNulty, (lower right photo)  Director, in Arbor’s full-service Chicago, IL, lending office.

 “The borrower recently renovated the property and repositioned the asset,” McNulty said. “Following the property’s lease-up back to a stabilized level, Arbor was able to refinance the borrower’s existing debt at an attractive rate while offering pre-pay flexibility.”

Contact:  Christopher Ostrowski, costrowski@arbor.com