TODAY’S DEALS: Arbor Closes Four DUS Loans Totaling $18,285,500, and Other Transactions
- Oct 16, 2008
By Anuradha Kher, Online News Editor Uniondale, N.Y.–Arbor Commercial Funding LLC recently funded four loans totaling $18,285,500 under the Fannie Mae DUS product line. These loans include:A $3,804,300 refinance loan to the 128-unit Tree Top Apartments in Grand Prairie, Texas, under the Fannie Mae DUS Cash product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.41 percent.A $5,630,200 acquisition loan to the 326-unit Northwood Apartments in Houston, under the Fannie Mae DUS product line. The seven-year loan amortizes on a 30-year schedule and carries a note rate of 6.63 percent. A $7,501,000 acquisition loan to the 302-unit St. Cloud Apartments in Houston, under the Fannie Mae DUS Small Loan product line. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.80 percent. A $1,350,000 supplemental loan for the 175-unit Stafford Oaks in Stafford, Texas, under the Fannie Mae DUS product line. The nine-year loan amortizes on a 30-year schedule and carries a note rate of 6.78 percent. Alliant Capital Closes $3M Apartment LoanPlymouth Township, Mich.–Alliant Capital LLC closed a $3 million loan to refinance Plymouth Manor Apartments (pictured), a 136-unit garden-style community located in Plymouth Township, Mich. Built in 1971, the property features nine, two-story apartment buildings. Alliant’s loan has a seven-year term with one-year extension. The loan was financed using Alliant’s Extended Rate Lock option and the rate was locked 90 days prior to closing. Sperry Van Ness Completed Deals Equaling $2.175MGlendale, Ariz., La Mesa, Calif.–Sperry Van Ness Real Estate Services LLC recently arranged the acquisition of a vacant 17-unit multifamily property in Old Town Scottsdale to Jahangir Hashemi of Glendale, Ariz. for $1.15 million, and completed the sale of an eight-unit multifamily property in La Mesa, Calif. to a San Francisco-based private investor for $1,025,000. Built in 1962, the Old Town Scottsdale community features four buildings and is located at 4002 N. Kalarama Ave.The eight-unit property was built in 1992 and is located at 4853 Jessie Ave.It features two-bedroom/two-bath apartments with rents ranging from $1,050 to $1,100. The property is 100 percent leased.