York of Arbor closes $798,500 loan for 24-unit apartment complex

Arbor Commercial Funding, LLC, a wholly-owned subsidiary of Arbor Commercial Mortgage, LLC, funded a $798,500 loan under the Fannie Mae DUS 3MaxExpress product line to acquire the 24-unit complex known as St. Regis Arms Apartments. The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.27%. The loan was originated by Stephen York, director, in Arbor's full-service Uniondale lending office. "Arbor was pleased to offer competitive acquisition financing by utilizing Fannie Mae's 3MaxExpress program. We look forward to continuing our business relationship with this client.