The 35-year fully amortized and non-recourse loan carries a 6.65% fixed interest rate. James Boris, FHA regional director in New York-based Arbor Commercial Mortgage LLC's Lombard, IL office, tells GlobeSt.com that the borrower was Century Pacific Housing Partnership 14 of Chicago. "This 80% LTV FHA-insured refinance loan for this 100% Section 8 affordable project, provided over $950,000 in loan proceeds for repairs and improvements to the project, as well as a significant amount of cash-out to the borrower," says Boris, the loan originator.
Arbor Commercial provides debt and equity financing for multifamily apartment complexes, senior and affordable housing, hotels, office, industrial and retail properties. Arbor currently is servicing more than $1.5 billion in loans.
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