Arbor Closes $3,150,000 Acquisition Loan
- Oct 01, 2010
Bridgeport, Conn. – Arbor Commercial Funding LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, recently funded a $3,150,000 loan under the Fannie Mae DUS product line for the 66-unit complex known as Northbrook Apartments. The seven-year loan amortizes on a 30-year schedule.
The loan was originated by Edward Petti, director, in Arbor’s full-service New York lending office. “This was an acquisition where the client needed to close quickly,” Petti says. “Arbor worked with the client to address several capital items. We closed with an appropriate amount of capital to complete the work and bring the property to its full cash flow potential.”