Brookhaven, Miss.–Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, announced the recent funding of a $1,332,500 loan under the Fannie Mae DUS Small Loan product line for the 96-unit complex known as Lakeview Arms Apartments in Brookhaven, Miss. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Edward Petti, vice president, in Arbor’s full-service New York lending office. “In this deal, we refinanced a maturing CMBS loan with an interest rate that was significantly less than the existing rate,” Petti says. “Furthermore, compared with what is offered today by CMBS lenders, the new loan was for higher leverage.”