Arbor Commercial Funding announced the recent funding of 10 loans totaling $35,685,000 under several of the company’s financing solutions.
All of the loans were originated by Michael Jehle, vice president. “The multifamily industry continues to remain the most sought after investment class in real estate and nearly all markets are seeing improving fundamentals, including Michigan, where there has been a high amount of interest from investors,” he said.
The transactions included:
• Americana on the River Apartments, East Lansing, MI – Serving Michigan State University students, this 90-unit multifamily property received $7,920,000 funded under the Fannie Mae DUS Dedicated Student Housing Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.
• Michigan Portfolio (Tree Top Meadows, Peppertree Park, Maple Road Townes) – These combined 190-unit multifamily properties received $6,850,000 funded under the Fannie Mae DUS Loan product line. The 12-year refinance loans amortize on a 30-year schedule.
• Bloomfield Hills Townhouses Cooperative, Pontiac, MI – This 283-unit multifamily property received $5,650,000 funded under the Fannie Mae DUS Cooperative Loan product line. The 10-year refinance loan amortizes on a 30-year schedule.