Arbor Funds $42.8M in Fannie Mae and Bridge Deals Nationwide

NEW YORK—Arbor Commercial Funding LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage LLC, has funded eight multifamily loans totaling more than $42.8 million under Arbor’s Fannie Mae Delegated Underwriting & Services Loan; Fannie Mae DUS Small Loan; Fannie Mae DUSH Military Housing Loan; Fannie Mae DUS Dedicated and Traditional Student Housing Loan; and Arbor Bridge Loan product lines.

All of the loans were originated by John Edwards, vice president in Arbor’s Boston, Mass. office.

The properties are across the country and loans include:

• $12.9 million for Brannigan Village Apartments in Winston-Salem, N.C. The 254-unit property received a 10-year refinance loan under the Fannie Mae DUS Loan product line. Amenities at Brannigan Village include an in-ground pool facility, tennis court and playground.
• $8.5 million for Wilshire Park Apartments/Wilshire Landing Apartments in Wilmington, N.C. The 96-unit property, dedicated to student housing, received funding under the Fannie Mae DUS Dedicated Student Loan Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Comprised of two properties built in 2009 and 2011, the buildings serve the University of North Carolina Wilmington and include an in-ground pool with each apartment equipped with a washer, dryer and 42-inch, flat-screen television.
• $5.7 million for Indigo Pines Apartments in Daytona Beach, Fla. The 240-unit property received funding under the Fannie Mae DUS Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Amenities at the property include a fitness center and swimming pool.
• $5 million for Birchfield at Milestone in Fayetteville, N.C. The 60-unit property received funding under the Fannie Mae DUS Military Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Birchfield at Milestone was completed in 2011 with amenities including fitness center, pool, sundeck and clubhouse.
• $3 million for Marina Vista Apartments in Daytona, Fla. The 192-unit property received funding under the Fannie Mae DUS Student Housing Loan product line. The 10-year refinance loan amortizes on a 25-year schedule. Marina Vista Apartments serves nearby Daytona State College and Bethune Cookman University and recently underwent renovations. Amenities include a picnic area with barbeque grills, a playground and in-ground pool.
• $2.88 million for a 101-unit property in San Antonio, Texas. The property received funding under the Fannie Mae Bridge Loan product line.
• $2.42 million for Whitney Manor Apartments in Hartford, Conn. The 58-unit property received funding under the Fannie Mae DUS Small Loan product line. The 10-year refinance loan amortizes on a 30-year schedule. Whitney Manor has undergone renovations recently, including the addition of new central hot water system, unit appliances and exterior paint and siding.
• $2.4 million for Lynn Portfolio in Lynn, Mass. The 53-unit complex received funding under the Fannie Mae DUS Small Loan product line. The 10-year acquisition loan amortizes on a 30-year schedule. The Lynn Portfolio is centrally located only nine miles north of Boston.