Arbor Closes $4-Mil Loan for DC Apartment Complex

WASHINGTON, DC-Arbor Commercial Mortgage has announced the recent funding of a $4 million Fannie Mae loan to finance the acquisition of the 146-unit, seven-story Randolph Towers on 14th Street in Northwest. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.9%, according to Arbor officials. Randolph Towers was originally constructed in 1931, with a second section added in 1960.

Arbor Commercial Mortgage LLC, based in Uniondale NY, provides debt and equity financing for multifamily apartment complexes, senior and affordable housing, hotels, office, industrial and retail properties. The company offers a variety of financing options, including FHA, Fannie Mae and structured financing programs including bridge and mezzanine financing. Arbor now services more than $1.5 billion in loans.