Arbor provides $17 million of funding for Illinois multi-family complex
May 28, 2010 | Staff Writer | Print Article | Email this Article
Arbor Commercial Funding, LLC, recently provided the funding of a $17.8 million loan under the Fannie Mae DUS® product line for the 252-unit complex known as Longacre Ponds in Fairview Heights, Ill.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.68 percent
The loan was originated by Patrick McNulty, director, in Arbor’s full-service Chicago lending office.
“Arbor was pleased to deliver attractive terms to our borrower on a high-quality asset,” said McNulty. “We made certain assumptions in our initial loan screening and the subsequent performance of the property met and exceeded our expectations allowing us to provide additional loan proceeds.”
Tags | Arbor Commercial Funding, Chicago, Illinois, multi-family
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