New York City

Arbor Commercial Funding has provided an $83.1-millionrefinancing loan through Fannie Mae’s DUS program to the sponsorsof Sand Castle Apartments, a 917-unit rental property in the FarRockaway section of Queens. The seven-year loan amortizes on a30-year schedule and carries a loan-to-value ratio of 80% and adebt-service-coverage ratio of 1.20. John Kelly with Arbor’s Bostonoffice originated the loan; he says in a release that the propertybenefits from favorable local submarket conditions.

Savanna has acquired the mortgage on Swig Equities’ 5 HanoverSq. in Lower Manhattan. Sources familiar with the transaction tellGlobeSt.com the approximately $60-million mortgage was acquired inthe low $50-million range, and that the deal entails Swigcontinuing to participate in, and coordinating leasing at, the325,000-square-foot office property.