Arbor Commercial Mortgage has closed a $28 million conduit loan that will be used to refinance the Lakeshore Club Apartment complex in Tampa, Fla.
"We were able to recognize an opportunity to place 10-year, fixed rate financing on theafter stabilization, allowing the borrowers to reduce the cost of funds," says Robert Keeler, vice president of asset management at Arbor Commercial Mortgage.
Long Island, N.Y.-based Arborroughly $3 billion worth of loans. "This transaction represents the third opportunity to assist the borrowers in their capitalization/renovation plans for the property. We will continue to service the loan for the client," Keeler added.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.45%.