Abergel of Arbor closes $4.9 million Fannie Mae loan for 217-unit complex

Arbor Commercial Funding, LLC has funded a $4.9 million loan under the Fannie Mae DUS loan product line for the 217-unit complex known as Sterling Court Apartments. The 10-year loan amortizes on a 26-year schedule and carries a note rate of 5.9%. The loan was originated by Ronen Abergel, director, in Arbor's full-service N.Y. lending office. "This deal consisted of a refinance for a CMBS loan that was replaced with a 10-year fixed-rate Fannie Mae loan," said Abergel. "The borrower was very pleased with the terms of the deal."