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NEW YORK CITY — Arbor Commercial Funding has originated a $23.76 million loan for Clinton Towers, a 455-unit apartment complex located in the Bronx. The loan carries a 10-year term, a 30-year amortization schedule and a 4.87 percent interest rate. The borrower, procured the acquisition financing to help complete a 1031 exchange. Stephen York of Arbor's New York City office originated the financing. Barry Lefkowitz, Nate Hyman and Ira Zlotowitz of Eastern Union Commercial helped arrange the deal.