News: Financial Digest
Posted: June 9, 2010
Kelly of Arbor Commercial Funding originates $1.8 million in financing
Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, recently funded a $1,878,700 loan under the Fannie Mae DUS Small Loan product line for the 16-unit complex known as 1322 Commonwealth Ave.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.98%.
The loan was originated by John Kelly, vice president, in Arbor's full-service Boston lending office.
"In a challenging financing market, Arbor was pleased to provide financing on this acquisition," said Kelly. "The deal allowed for 80% loan to value, non-recourse debt at what continue to be historically low interest rates."
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