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NEW YORK CITY — Arbor Commercial Funding has arranged $83.1 million in Fannie Mae funds for the refinancing of Sand Castle Apartments in the Rockaway neighborhood of Queens. The 917-unit property has historically maintained 100 percent occupancy and units that are being continually renovated. The loan, which was originated by John Kelly of Arbor's Boston office, ccarries a 7-year term, a 30-year amortization schedule, an 80 percent loan-to-value ratio and a 1.2 debt service-coverage ratio. The borrower's name was not released.