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UNIONDALE, NY-The Siena Villas Apartments, a 392-unit complex in Henderson, NV has secured a $25-million refinancing loan from Long Island-based Arbor Commercial Mortgage LLC.

The 10-year loan, which amortizes on a 30-year schedule and carries a note rate of 7.15%, utilized Arbor’s Premium Edge product line. Robert Schooley, Arbor’s Western Director, originated the refinancing, which was processed and underwritten by local staff in Arbor’s western regional office.

The property serves a largely professional tenant mix, a large proportion of which is employed by the nearby St. Rose Hospital. It has limited exposure to the casino gaming and tourism industries. The loan was sponsored by an undisclosed family trust, which acquired the property simultaneous with the loan closing.

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