DEAL OF THE DAY: Arbor Provides $11.86M Refinance Loan to 200-Unit Alabama Rental Property

By Anuradha Kher, Online News EditorMontgomery, Ala.–Arbor Commercial Funding recently completed a funding of $11,866,000 refinance loan under Fannie Mae’s DUS program. The Woodmere Apartments is situated on more than 14 acres in Montgomery, Ala., and consists of 200 units spread over 27 garden-style apartment buildings.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.08 percent, and also includes interest-only payments for the first five years. The proceeds from the loan will be used to pay off the property’s existing debt and cash out the borrower, as well.The loan was originated by Ronen Abergel, a director in Arbor’s New York City office. “In this current volatile capital marketplace, complete with gyrating treasury rates and spreads, Arbor offered the borrower peace of mind by committing to a rate in two weeks with an early rate lock agreement,” says Abergel. “Additionally, we exceeded the borrower’s expectations by closing the deal with an additional three percent in proceeds above application.”