DEALMAKERS: Arbor Funds $83.1M Refinance Loan

In partnership with Fannie Mae, Arbor Commercial Funding LLC, a wholly owned subsidiary of Arbor Commercial Mortgage LLC, has announced the recent funding of a $83.1 million refinancing for the 917-unit Sand Castle Apartments complex in Queens, N.Y.

The seven-year loan amortizes on a 30-year schedule and carries a loan-to-value ratio of 80% and a debt-service-coverage ratio of 1.20.

"The historically 100-percent-leased complex in the burgeoning Far Rockaway area of Queens, N.Y., is well managed, is in excellent physical condition and features commercial space as well as units that are being renovated on a continual basis," says John Kelly, a vice president in Arbor's Boston office and the originator of the loan.

SOURCE: Arbor Commercial Funding LLC


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