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UNIONDALE, N.Y. — Arbor Commercial Mortgage LLC has funded six loans totaling $29.8 million for multifamily properties across Michigan. All of the loans fall under the Fannie Mae, Freddie Mac and FHA 223(f) programs. Mike Jehle of Uniondale-based Arbor Commercial originated all of the loans. Here are the details of each financing transaction:
- Aspen Lakes Estates Apartments in Holt, Mich., is a 213-unit complex. The borrower received $20.4 million under the FHA 233(f) loan program. The 35-year refinancing loan features a 20-year amortization schedule.
- Oakwood Villa Apartments in Royal Oak, Mich., is a 100-unit property. The borrower received a $2.7 million Fannie Mae refinancing loan that features a 20-year amortization schedule.
- Garfield Park Apartments in Fraser, Mich., is a 110-unit apartment complex. The borrower received a $2.2 million Freddie Mac refinancing loan. The loan includes a seven-year term and 30-year amortization schedule.
- Danbury Apartments is a 66-unit property in Grand Rapids, Mich. The borrower received a $1.9 million Freddie Mac acquisition loan that features a 20-year term and 30-year amortization schedule.
- North Park Cooperative in Detroit is a 94-unit multifamily property. The borrower received a $1.6 million Fannie Mae acquisition loan that has a 10-year term and 10-year amortization schedule.
- Oak Park Apartments in Grand Rapids is a 42-unit complex. The borrower received a $1 million Freddie Mac acquisition loan and has a 20-year term and 30-year amortization schedule.