The rehabilitation of the 230-unit complex is being financed through an FHA 221 (d) 4 loan that carries a 26-year amortization at 6.75% interest. Arbor Commercial Mortgage LLC of Uniondale, NY applied its HUD Multifamily Accelerated Processing standing and underwrote the loan on an expedited basis, according to a company statement. The payment schedule takes effect upon completion of the rehabilitation at the affordable housing complex.
Ralph Daruns, Arbor's regional director in Dallas, originated the loan. Jim Boris, the FHA's regional director, oversaw its processing. Daruns credits the MAP program's expeditious processing for construction transactions with pushing Cantera Crossing's rehab start.
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