The funding of the $2.68 loan is made under Arbor's DUS/MBS product line for the cooperative complex known as Georgetown Place in this Detroit suburb.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.78% and was originated by Michael Jehle, Midwest Regional director. It was underwritten in Arbor's Bloomfield Hills lending office.
"Arbor and Fannie Mae provided the flexibility to meet the needs of this 'limited equity' cooperative. Our goal was to provide cash for significant capital improvements while keeping the maintenance fees charged to the member shareholders the same. Both objectives were achieved," says Jehle.
Arbor Commercial Mortgage is a national lender specializing in debt and equity financing for multifamily, healthcare and commercial real estate. The company, headquartered in Uniondale, NY, has full-service lending offices throughout the US.
Arbor's newly organized REIT, Arbor Realty Trust was formed to invest in real estate related bridge and mezzanine loans, preferred equity investments, joint ventures, note acquisitions and other real estate related assets.
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