Arbor Closes Five Fannie Mae DUS® Loans Totaling $43.2M In California

Uniondale, NY (Mar. 16, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of five multifamily loans totaling $43,242,000 under the Fannie Mae DUS® Loan and Fannie Mae DUS® Small Loan product lines across California:

Tustin Portfolio, Tustin, CA (top centered photo) – The three-building, 117-unit portfolio received $15,500,000 funded under the Fannie Mae DUS® Loan product line. Located within Orange County, the assets are situated in an area near retail centers, thoroughfares, public transportation and community services. Tustin, CA, has also recently shown rising apartment demand, declining vacancy rates and increasing rents. The properties’ 10-year refinance loan amortizes on a 30-year schedule.

 Tuscany Villas, West Covina, CA (above centered photo) – The 165-unit complex received $13,600,000 funded under the Fannie Mae DUS® Loan product line. The garden-style property is located about 20 miles east of downtown Los Angeles, CA, in a submarket that has added no new multifamily assets within the past five years and is not scheduled to add to the supply until 2014. The 10-year refinance loan amortizes on a 30-year schedule.

Bayside Terrace Apartments, San Pedro, CA (above centered photo) – The 99-unit complex received $9,600,000 funded under the Fannie Mae DUS® Loan product line. The 10-year loan amortizes on a 30-year schedule.

Eddy Street Apartments, San Francisco, CA  (above centered photo)– The 19-unit complex received $2,442,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

Sherman Grove Apartments, Sunland, CA (above centered photos)– The 71-unit complex received $2,100,000 funded under the Fannie Mae DUS® Small Loan product line. The 10-year loan amortizes on a 30-year schedule.

The loans were originated by Greg Gillam (lower right photo), Director, in Arbor’s full-service Manhattan Beach, CA, lending office.

“These loans are examples of Fannie Mae’s effort to provide financing for well-maintained properties that provide affordable market-rate housing for the California rental market,” Gillam said.

 Contact: Christopher Ostrowski, costrowski@arbor.com