The facility was originally financed through a bond issue from the city of Wichita. Under the bond transaction, the project was owned by the city and leased to the borrower. Thefinancing provided by Arbor eliminates the lease, reverting ownership back to the borrower.
The loan was originated by James Boris, FHA regional director in Arbor's full-service Lombard, IL lending office.
"The loan enabled the borrower to consolidate all of the existing debt against the project, lower his monthly debt service, thereby improving the profitability of the project, and opened up his other operating lines of credit for use in developing future projects," Boris says.
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