Arbor Focuses on Class B Housing in 'Burbs

DUNDALK, MD-Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has acquired a Class B multifamily building in Dundalk, Md., on behalf of a client and is currently looking at similar developments in the area for additional acquisitions.

The company received $7.4 million under Fannie Mae’s DUS loan product line to finance the acquisition of Lyon Homes Apartments, a 242-unit complex. “There is a strong need for this product in this market,” Jeremy Frankel, director, in Arbor’s Manhattan Beach, CA, lending office, tells GlobeSt.com. “This is not a luxury market; it is a working-class one and there is strong demand for this unit type.” He says the acquiring party is a moderate sized manager that has been active in the area for a while.