Arbor Closes $17,882,500 Fannie Mae Loan at 5.68% Interest
- Jun 09, 2010
Fairview Heights, Ill.- Arbor Commercial Funding LLC recently funded a $17,882,500 loan under the Fannie Mae DUS product line for the 252-unit complex Longacre Ponds in Fairview Heights, Ill.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.68 percent.
The loan was originated by Patrick McNulty, director, in Arbor’s Chicago office. “Arbor was pleased to deliver attractive terms to our borrower on a high quality asset,” says McNulty. “We made certain assumptions in our initial loan screening, and the subsequent performance of the property met and exceeded our expectations allowing us to provide additional loan proceeds.”