ARBOR CLOSES $8.32 MILLION MULTIFAMILY LOAN
LYNN, MASS. — Arbor Commercial Funding has closed on an $8.32 million loan for Marian Gardens, a 94-unit apartment community located in Lynn. The loan caries a 6.42 percent interest rate, a 10-year term and a 30-year amortization schedule. It was originated by John Kelly of Arbor Commercial Funding’s Boston office on behalf of the borrower, a Boston-based provider of affordable housing. The loan was funded under the Fannie Mae DUS product line. Arbor Commercial Funding is a wholly owned subsidiary of Uniondale, N.Y.-based Arbor Commercial Mortgage.