Occupancy Offset by Low Leverage in Arbor’s $1.5M Fannie Mae Small Loan
- Aug 02, 2010
Pittsburg, Calif – Arbor Commercial Funding LLC recently funded a $1,500,000 loan under the Fannie Mae DUS Small Loan product line for the 48-unit complex known as Villa Serena Apartments in Pittsburg, Calif.
The 10-year loan amortizes on a 20-year schedule and carries a note rate of 5.56 percent.
The loan was originated by Brian Scharf, director, in Arbor’s full-service Uniondale, N.Y. lending office. “The low-leverage request on Villa Serena was easy to execute,” says Scharf. “Current occupancy levels required a waiver from Fannie Mae; however, given the long-term ownership and low-leverage level, the deal was approved and closed in five weeks.”