PONTIAC, MI-Arbor Commercial Mortgage says it has arranged a $7 million refinancing loan for a Pontiac condo complex. The loan will refinance the 287-unit complex known as Lancaster Village Cooperative in Pontiac. The financing replaces a HUD Section 236 loan with an Interest Reduction Payment. The mortgage carries two notes. The first note amount for $5.8 million has a 15-year term with a 30-year amortization and carries a note rate of 5.96%. The second note of $1.2 million has a 74-month fully amortizing term and carries a note rate of 6.02%.Michael Jehle, regional director of the Midwest region in Arbor's Bloomfield Hills office, originated the loan. "Proceeds from the loan will allow for planned renovation of the property," Jehle said. "Arbor was able to decouple the Section 236 FHA insured mortgage to provide, in part, for said rehab monies."
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