UNIONDALE, NY (Mar. 14, 2011) - Arbor Commercial Funding, LLC (“Arbor”), a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of three diverse loans totaling $9,797,400 under the Fannie Mae DUS® Dedicated Student Housing Loan, Fannie Mae DUS® Limited Equity Co-op Loan and Fannie Mae DUS® Small Loan product lines across the Midwest:
- Cedar Greens Portfolio, East Lansing, MI (above photo)– The 54-unit student housing complex near the campus of Michigan State University received $6,000,000 funded under the Fannie Mae DUS® Dedicated Student Housing Loan product line following a complete renovation. The 10-year loan amortizes on a 30-year schedule.
- Colonial Square Cooperative, Kansas City, MO (above photo) – The 251-unit complex received $2,447,400 funded under the Fannie Mae DUS® Limited Equity Co-op Loan product line. The 10-year loan amortizes on a 30-year schedule.
- Creekside and Meadow Brook Apartments, New Richmond, WI (above photo) – The 48-unit complex received $1,350,000 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 Michael Jehle (lower right photo), Midwest Regional Director, in Arbor’s full-service Bloomfield Hills, MI, lending office.
“In each of these diverse Midwest deals, the borrowers took advantage of attractive financing opportunities to improve and/or refinance their properties,” Jehle said.
“With Cedar Greens, the repeat Arbor borrower replaced its variable short-term bank debt with long-term, fixed-rate financing following a complete renovation. In Colonial Square, the cooperative’s members wanted to undertake a significant renovation and we assisted by providing an attractive fixed-rate loan that completed the improvements.
