According to Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, the firm has completed the recent funding of a $23.767 million loan for the 455-unit complex known as Clinton Towers. Eastern Union Commercial, a leading New York-based commercial real estate mortgage brokerage firm, arranged the acquisition financing for the borrower. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 4.87%. The loan was originated by Stephen York, director, in Arbor's full-service local lending office. "The borrower on this transaction went into contract with less than 30 days before his 1031 exchange expired, at which point we were presented with this loan opportunity," York said. "We took swift action and had the loan approved and rate locked within 21 days and closed within 26 days." "This transaction highlights Arbor's unique ability to navigate the challenges inherent in today's financing market and provide aggressive terms all within a very short period of time. We were pleased to have had the opportunity to work with Eastern Union on another quality transaction and look forward to continuously growing our financial partnership," said York. Eastern Union senior brokers Barry Lefkowitz and Nate Hyman, along with the firm's president, Ira Zlotowitz, negotiated the transaction for the acquiring borrower, a process that involved expediting the disposition of the property with the assistance of the seller, who is also an Eastern Union client. Meanwhile, Arbor and Eastern Union's close, long-term relationship played a pivotal role in the overall deal's ultimate success, according to York and Lefkowitz. "We only hear of how difficult it is in today's environment to secure financing," Lefkowitz said. "This deal shows that with a quality product and borrower and the right relationship and expertise anything is possible." Arbor has also completed the recent funding of an $8 million loan under the Fannie Mae DUS Loan product line for the 102-unit multifamily building known as 309 West 57th St. New York, NY. The five-year loan amortizes on a 30-year schedule and carries a note rate of 4.65%. The loan was originated by Alexander Kaushansky, director, in Arbor's full-service local lending office. "This was the borrower's first Fannie Mae and Arbor transaction," Kaushansky said. "I'm glad we were able to provide the borrower with the most competitive terms out in the market." Helping to arrange the financing for the borrower was Zev Pollak, the broker of the deal. "The borrower was pleased with the fact that he received a below-market interest rate," said Pollak. Founded by chairman and CEO Ivan Kaufman, Arbor Commercial Mortgage, LLC and Arbor Commercial Funding, LLC are national direct lenders specializing in the origination of debt and equity financing and servicing for multifamily and other diverse commercial assets. Arbor is a top ten Fannie Mae DUS lender and an FHA Multifamily Accelerated Processing (MAP) lender, consistently building on its reputation for service, quality and flexibility. With a current servicing portfolio of $7.5 billion, Arbor is a primary commercial loan servicer and special servicer rated by Standard & Poor's and Fitch Ratings. Arbor Commercial Mortgage, LLC also manages Arbor Realty Trust, Inc., a real estate investment trust, (REIT), formed to invest in mortgage-related securities, real estate-related bridge, junior participating interests in first mortgages, mezzanine loans, preferred and direct equity investments and in limited cases, discounted mortgage notes and other real estate related assets. Arbor is headquartered in Uniondale, NY, with full-service lending offices throughout the United States. Eastern Union Commercial is a leading commercial real estate mortgage company with offices nationwide. Eastern Union brings in an average of 100 to 125 new submissions a month. Our brokers are well equipped and trained for today's market environment and have the years of experience and capabilities necessary to close on any property type or loan structure.