The assisted living facility here was originally financed through a bond issue from the city. Under the bond transaction, the project was owned by the city and leased to the borrower. The financing provided by Arbor eliminates the lease, reverting ownership back to the borrower.
James Boris, FHA regional director in Arbor's full-service Lombard, IL lending office, originated the loan. The loan enables the borrower to consolidate all of the existing debt against the project, lower his monthly debt service, thereby improving the profitability of the project. It also opened up his other operating lines of credit for use in developing future projects, Boris adds.
Arbor Commercial Mortgage provides debt and equity financing for multifamily rental complexes, senior and affordable housing, hotels, office industrial and retail properties.
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