NEWARK-Arbor Commercial Funding, LLC, a wholly owned subsidiary of Arbor Commercial Mortgage, LLC has closed a $40.7 million refinancing loan on the First King Apartments here. The 10-year loan was financed under the Fannie Mae DUS Affordable Housing Loan product line, amortizes on a 30-year schedule.

“Our client in this transaction significantly improved the physical condition and operations of the property over a four-year span in order to take advantage of attractive long-term fixed rate financing,” says Stephen York, a director of Uniondale, NY-based Arbor. “In an environment where most lenders are shying away from large transactions, Arbor thrives and continues to deliver liquidity to the market.” An Internet search identified the owner as First King Properties.

Fannie Mae’s Delegated Underwriting and Servicing Program begun in 1988 to grant approved lenders the ability to underwrite, close and sell loans without prior review. Arbor is a Top Ten Fannie Mae DUS lender and a Top Fannie Mae DUS Small Loan lender, according to its website. Loans under the DUS Multifamily Affording Housing Loan program must be at least $1 million, with 90% maximum loan-to-value, for a property with at least five units.