In a statement, Arbor Commercial Mortgage LLC said it had loaned Sawyer Group $2.69 million to refinance Terrace Green, a 100-unit apartment complex in Hyattsville, MD.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 7.05 percent.
Arbor, which is based in Uniondale, NY, also loaned Sawyer Group $1.95 million for the acquisition of Oakton Terrace Apartments, a 56-unit complex in Adelphi, MD.
Similar to the first loan, the second is a 10-year loan that amortizes on a 30-year schedule and carries a note rate of 7.1 percent.
Both loans were made by Arbor through the Fannie Mae-delegated underwriting and servicing, or DUS, product line.
DUS is Fannie Mae's principal product line for purchasing individual multifamily loans and is designed to provide financing for affordable housing.
Fannie Mae delegates origination, underwriting and closing responsibilities to its DUS lenders.
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