York of Arbor originates $40.7 million Fannie Mae loan

Arbor Commercial Funding, LLC has funded a $40.7 million loan under the Fannie Mae DUS Affordable Housing Loan product line. The Arbor loan refinances First King Apartments, a 654-unit complex. The 10-year loan amortizes on a 30-year schedule. Originating the loan for Arbor was Stephen York, director, in Arbor's N.Y.C. office. "Our client in this transaction significantly improved the physical condition and operations of the property over a four year span in order to take advantage of attractive long-term fixed rate financing," York said. "In an environment where most lenders are shying away from large transactions, Arbor thrives and continues to deliver liquidity to the market."