Arbor Closes Three Fannie Mae DUS® Loans Totaling $8.5M Across Midwest

Uniondale, NY (Jan. 4, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three loans totaling $8,510,000 under the Fannie Mae DUS® Loan, Fannie Mae DUS® Small Loan and Fannie Mae DUS® Multifamily Affordable Housing (MAH) Low-Income Housing Tax Credit (LIHTC) Loan product lines across the Midwest.

These loans include:

 Northland Park Apartments, Sterling, IL (top left photo) – The 160-unit complex received $4,135,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Curtiss Apartments, Downers Grove, IL (middle right photo) – The 26-unit complex received $1,875,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Lamar Place, Mission, KS (lower left photo) – The 84-unit complex received $2,500,000 funded under the Fannie Mae DUS® Multifamily Affordable Housing (MAH) Low-Income Housing Tax Credit (LIHTC) Loan product line. The 10-year loan amortizes on a 30-year schedule.

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

“Although the Northland Park Apartments are located in a smaller market area, Arbor was comfortable with the financing given the high quality of the asset and the property’s solid operating history,” McNulty said.

“An exceptional rate near historic lows was delivered, With regard to Lamar Place, we took the deal under application with a short closing timeframe on the underlying acquisition.

“Despite last minute obstacles, Arbor was able to deliver the loan within the promised timeframe.”

Contact: Christopher Ostrowski, costrowski@arbor.com.