Uniondale, N.Y.-based Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, recently originated $76.5 million in loans for the purchase of 11 commercial properties across the Midwest under the Fannie Mae Delegated Underwriting & Servicing (DUS), Fannie Mae DUS Multifamily Affordable Housing and Fannie Mae DUS Small Loan product lines.
The largest of these included a $15 million loan for Wimberly Park Apartments, a 440-unit multifamily property in Duncanville, Texas, which came under the Fannie Mae DUS Loan product line, according to a company press release. The 10-year refinance loan amortizes on a 30-year schedule. The property includes a 24-hour fitness center, a 24-hour business center, outdoor basketball courts, two laundry centers, three swimming pools and an on-site day care center.
Also included was a $14.9 million loan for Camelot Village, a 512-unit multifamily property in Mesquite, Texas. This also received funding under the Fannie Mae DUS Loan product line, and the 10-year refinance loan also amortizes on a 30-year schedule. The complex includes a 24-hour fitness center, a 24-hour business center, a tennis court, an indoor and outdoor basketball court, a sand volleyball court, a soccer field, picnic areas with gazebos and grills, three pools, and four laundry centers.
All 11 mortgages were originated by Anthony Tarter, vice president of Arbor Commercial Mortgage.
Founded by chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage and Arbor Commercial Funding are national direct lenders specializing in loan origination and servicing for multifamily and other diverse commercial real estate assets.
Last month, the company announced that it had closed more than $79.1 million in commercial loans coast to coast.
To view more of the company's recent closings, click here.