Kelly of Arbor originates $83.1 million refinancing for 917-unit property

In partnership with Fannie Mae, Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, has completed the recent funding of $83.1 million in refinancing for the 917-unit complex known as Sand Castle Apartments. Arbor is a Top 10 Fannie Mae DUS lender and an FHA Multifamily Accelerated Processing (MAP) lender. The seven-year loan amortizes on a 30-year schedule and carries a loan-to-value ratio of 80% and a debt-service-coverage ratio of 1.20. The loan was originated by John Kelly, vice president, in Arbor's Broad St., Boston, Mass., lending office. "The historically 100% leased complex in the burgeoning Far Rockaway area of Queens, NY, is well-managed, is in excellent physical condition and features commercial space as well as units that are being renovated on a continual basis," Kelly said. "Arbor looks forward to growing our financial partnership with the property's sponsorship group going forward." The local sub-market conditions further established the refinancing as an attractive proposition, as the local population is projected to grow steadily during the next decade along with the average household income level. In addition, the property's neighborhood is well-served by public transportation, good schools, numerous retail stores and various medical facilities. It is also located adjacent to several other affluent neighborhoods. According to John Caulfield, Arbor's executive vice president, director of operations, "This deal is further evidence that for the right property and borrower, Arbor has the ability and liquidity to fund any transaction across the country." 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 10 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 Fitch Ratings and Standard & Poor's. Arbor is also on the Standard & Poor's Select Servicer List. 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. For more information about Arbor, visit www.arbor.com. ###  Sand Castle Apartments - Queens, NY