Uniondale, NY and New York, NY (Aug. 17, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $23,767,250 loan for the 455-unit complex known as Clinton Towers (above centered photo) in Bronx, NY.
Eastern Union Commercial, a leading New York-based commercial real estate mortgage brokerage firm, arranged the acquisition financing for the borrower.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 4.87 percent.
The loan was originated by Stephen York, (top right photo) Director, in Arbor’s full-service New York, NY, lending office. “The borrower on this transaction went into contract with less than 30 days before his 1031 exchange expired, at which point we were presented with this loan opportunity,” York said.
“We took swift action and had the loan approved and rate locked within 21 days and closed within 26 days. "This transaction highlights Arbor's unique ability to navigate the challenges inherent in today's financing market and provide aggressive terms all within a very short period of time.
"We were pleased to have had the opportunity to work with Eastern Union on another quality transaction and look forward to continuously growing our financial partnership.”
"We were pleased to have had the opportunity to work with Eastern Union on another quality transaction and look forward to continuously growing our financial partnership.”
Eastern Union Senior Brokers Barry Lefkowitz and Nate Hyman, along with the firm’s President, Ira Zlotowitz, negotiated the transaction for the acquiring borrower, a process that involved expediting the disposition of the property with the assistance of the seller, who is also an Eastern Union client. Meanwhile, Arbor and Eastern Union’s close, long-term relationship played a pivotal role in the overall deal’s ultimate success, according to York and Lefkowitz.
“We only hear of how difficult it is in today’s environment to secure financing,” Lefkowitz said. “This deal shows that with a quality product and borrower and the right relationship and expertise anything is possible.”
Arbor Closes $2,613,100 Fannie Mae DUS® Small Loan for North Lakewood Apartments in Chicago, IL
Uniondale, NY (Aug. 17, 2010) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $2,613,100 loan under the Fannie Mae DUS® Small Loan product line for the 41-unit complex known as North Lakewood Apartments (above centered photo) in Chicago, IL.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.98 percent.
“We were pleased to deliver competitive financing terms to a repeat client and look forward to future opportunities together,” York said.
Contact:
Christopher Ostrowski, Communications Manager, Arbor Commercial Mortgage, LLC, 333 Earle Ovington Blvd., Suite 900, Uniondale, NY 11553, 516-506-4255, costrowski@arbor.com
http://www.arbor.com/
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