DEAL OF THE DAY: Arbor Closes $50.1 Million Fannie Mae DUS Loan
- Mar 24, 2008
Houston–Uniondale, N.Y.-based Arbor Commercial Funding LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage LLC, recently completed funding of a $50,100,000 loan under the Fannie Mae DUS product line to purchase Broadway Square Apartments, a 2,469-unit complex in Houston.Post Investment Group LLC acquired the 69-acre property from developer Harold Farb. The five-year loan amortizes on a 30-year schedule and carries a rate of 5.65 percent.“Broadway Square will be a great addition to our current Texas holdings and gives us a strong presence in one of the nation’s preeminent real estate markets,” says Jason Post, president of Post Investment Group LLC. “Arbor’s ability to rapidly turn around this substantial transaction for a new borrower makes all the difference when deciding on using a lender for future deals.”Arbor Commercial Funding offers a broad array of financing options including Fannie Mae DUS, FHA, CMBS, Bridge and Mezzanine products.