DEAL OF THE DAY: Arbor Funds Loans to Refinance Wichita, Kan. Properties
- Apr 24, 2008
By Erika Schnitzer, Associate EditorWichita, Kan.–Arbor Commercial Funding, LLC, a wholly-owned subsidy of Uniondale, N.Y.-based Arbor Commercial Mortgage LLC, recently funded two loans to refinance two Wichita, Kan. properties totaling 182 residences, Stratford East and Stratford West.The two 10-year loans, which totaled $4,100,000 under the Fannie Mae DUS 3MaxExpress product lines, are on a 30-year repayment schedule and have a note rate of 5.85 percent. “Arbor provided a loan to refinance the existing debt in conjunction with a restructuring of the ownership entity. We had a very short time frame due to some contractual deadlines related to the restructuring. Arbor was able to lock the rate early in the process and meet the required closing deadline,” says Jay Porterfield, director in Arbor’s Plano, Texas office, who originated the loan.