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Arbor Closes $1.9M Loan For Boston Apartment Complex

May 25, 2010 | Reprints | Unlock Link | Print

A 16-unit complex at 1322 Commonwealth Ave. in Boston has received a $1.87 million Fannie Mae loan from Arbor Commercial Funding, a subsidiary of Arbor Commercial Mortgage LLC of Uniondale, N.Y.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 5.98 percent.

The loan was originated by John Kelly, vice president, in Arbor’s Boston lending office.

"In a challenging financing market, Arbor was pleased to provide financing on this acquisition," said Kelly. "The deal allowed for 80 percent loan to value, non-recourse debt at what continue to be historically low interest rates."

Residential Real Estate