Arbor Closes $2.7M Refinance for Small Loan
- Oct 22, 2010
Mankato, Minn. – Arbor Commercial Funding, LLC recently funded a $2,866,500 mortgage under the Fannie Mae DUS Small Loan product line for the 70-unit complex known as Village Place Apartments in Mankato, Minn. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Patrick McNulty, director, in Arbor’s Chicago lending office. “This was a solid deal for our small balance program,” McNulty says. “It was a zero-cash-out refinance with a high-quality asset and strong sponsorship.”