Uniondale, N.Y.-based Arbor National Commercial Mortgage LLC has closed a $48.4 million permanent-financing loan for Summit Fair Lakes, a 530-unit apartment complex in Fairfax, Va. The borrower was Charlotte, N.C.-based Summit Properties, which is a REIT. The 10-year, Washington, D.C.-based Fannie Mae loan closed in 30 days from application to funding.

Summit Fair Lakes features one-, two- and three-bedroom units in several floor plans. The apartments contain fireplaces and vaulted ceilings. Common-area amenities include an outdoor basketball court, a pool, a playground and a fitness center.