Arbor 'decouples' mortgage

Real Estate Weekly,  June 6, 2007  

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Arbor Commercial Funding, LLC announced the recent funding of a $8,200,000 loan under Fannie Mae's DUS/MBS product to refinance a 230-unit complex at Kirkridge Park Cooperative in Van Buren Twp., MI.

The loan amount has two pieces. The "A" piece is a $4,961,376 30-year, fully amortizing loan that carries a fixed-note rate of 6.18 percent. The "B" piece is a $3,238,624 169-month loan that fully amortizes at a fixed rate of 5.94 percent. This is supported by the remaining HUD IRP installments.

The loan was originated by Michael Jehle, Midwest Director, in Arbor's full-service Bloomfield Hills, MI lending office.

"This loan involved the "decoupling" of a HUD 236 mortgage and provides substantial monies for renovation to the property. The members of this cooperative will enjoy the benefits of this low, fixed-rate mortgage for many years to come," said Jehle.

COPYRIGHT 2007 Hagedorn Publication
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