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 the property after 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 Arbor services roughly $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%.