Arbor Commercial Funding, LLC funded a $2.136 million loan under the Fannie Mae DUS Small Loans product line to acquire the 36-unit complex known as Cliffside Terrace.
The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.46%.
The loan was originated by Stephen York, director, in Arbor's full-service Uniondale lending office.
"This was our fourth transaction with this sponsor, which emphasizes the importance we place on repeat clients," said York. "Arbor was pleased to deliver competitive terms, which included 80% LTV." Tags: