Uniondale, NY – Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $24,000,000 loan under the Fannie Mae DUS® Loan product line for the multiple-building, 157-unit portfolio known as the Stagg Bronx Portfolio (top left photo) in Bronx, NY. The 10-year loan amortizes on a 30-year schedule.
The 100%-occupied portfolio consists of predominantly three- to six-year old apartment buildings across New York City’s borough of the Bronx, and specifically the Northeast Bronx.
One of the buildings was originally built in 1930 and two others were built in 1970, but all three were gut-renovated within the past six years. The outlook for the middle-income neighborhood is for relatively stable growth during the next several years with household incomes expected to rise.
The loan was originated by Edward Petti, Vice President, in Arbor’s full-service New York, NY, lending office.
“This was a refinancing of 13 townhome clusters in the Northeast Bronx,” Petti said. “We have closed many deals in this high-demand, stable neighborhood and the transactions have been beneficial for all parties involved.”
“This was a refinancing of 13 townhome clusters in the Northeast Bronx,” Petti said. “We have closed many deals in this high-demand, stable neighborhood and the transactions have been beneficial for all parties involved.”
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