The first note amount for $4.4 million has a 30-year amortization with a 15-year term and carries a rate of 5.78%. The second note of $1.5 million has a nine-year, eight-month fully-amortizing term and carries a rate of 5.27%.
The loan was originated by Michael Jehle, Midwest regional director for Arbor Commercial Mortgage, and was underwritten in Arbor's New York lending office. "This loan included the decoupling of a HUD Section 236 mortgage through conventional means with Fannie Mae," Jehle explains. "The excess proceeds of nearly $2 million will be used to improve the property."
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