Eight Multifamily Properties Reel in $91M in Financing

BALTIMORE, MD-Eight multifamily communities have gotten refinancing funds totaling $91million with the assistance of Arbor Commercial Mortgage LLC. The Uniondale, NY-based national lender put together $79.5 million in loans through its Fannie Mae DUS product line, and came through with an $11.5 million structured loan, as well. The loans all have different terms ranging from two years for the structured loan, to five- to ten-year terms for the remaining loans.

“This transaction demonstrated Arbor’s continued ability to produce a “one stop shop” of financing products for borrowers,” says Arbor executive vice president Dan Palmier. “The Arbor companies provided a mezzanine loan through its newly formed structure finance REIT and a dual early rate lock Fannie Mae loan deal.” Arbor tells GlobeSt.com that the properties involved were all developed in the 1970s, and feature multiple garden-style structures, except for one property that has several low-rise buildings and one high-rise. The eight apartment communities account for a total of 2,450 residential units.