DEAL OF THE DAY: 200-Unit Montgomery Rental Gets $13M Fannie Mae DUS Loan
- Apr 17, 2008
By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding LLC recently closed a funding of a $13 million loan under Fannie Mae DUS to refinance the 200-unit apartment complex, The Meadows in Montgomery, Ala.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.78 percent. Ronen Abergel, director in Arbor’s New York lending office originated the loan. “We committed to a rate in two weeks by executing an early rate lock agreement with the borrower, says Abergel. “In addition, we closed in 29 days with a 5 percent increase in proceeds over initial screening.“In light of the current volatility in the market, Arbor’s execution of this transaction exceeded the borrower’s expectations,” says Abergel.