ARBOR CLOSES THREE LOANS TOTALING $7.87 MILLION IN KANSAS AND MISSOURI

MANHATTAN AND OLATHE, KAN., AND INDEPENDENCE, MO. — Arbor Commercial Funding, a wholly owned subsidiary of Arbor Commercial Mortgage, has completed three Fannie Mae DUS loans totaling $7.87 million for multifamily properties in Kansas and Missouri. In the first transaction, the firm secured a $1.47 million loan for Prairie Glen East Cooperative, a 100-unit multifamily property in Manhattan. The 30-year loan has a 30-year amortization schedule and carries a note rate of 7.33 percent. In the second deal, Park North Cooperative, a 100-unit complex in Olathe, received a 30-year $2.5 million loan, which has a 30-year amortization schedule and a note rate of 7.54 percent. Finally, the firm arranged a $3.9 million loan for Highleah Townhomes Cooperative, a 330-unit complex in Independence. The 15-year loan has a 30-year amortization schedule and carries a note rate of 6.06 percent. Michael Jehle of Arbor’s Bloomfield Hills, Mich., office originated the loans.