Arbor Closes $4.56M Fannie Mae 3Max Loan to Rent-Controlled Property
- Oct 14, 2010
Bronx, N.Y.‑Arbor Commercial Funding LLC recently funded a $4,560,000 loan under the Fannie Mae 3Max product line for the 60-unit complex known as 655 East 233rd Street Apartments in Bronx, NY. The 10-year loan amortizes on a 30-year schedule.
The loan was originated by Brian Scharf, director, in Arbor’s Uniondale, N.Y., lending office. “This transaction was a maximum leverage acquisition,” Scharf says. “We particularly like the location fundamentals in the Bronx as well as the rent-stabilized and controlled-tenant base, which offered downside protection and upside potential.”