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SAN JOSE, CA-Arbor Commercial Mortgage LLC of Uniondale, NY has funded a $35.5 million permanent loan under its conduit program line to refinance a new multifamily apartment property in San Jose known as Palma Sorrento Apartments. The seven-year fixed rate loan amortizes on a 30-year schedule and carries a note rate of 5.33%.

The 274-unit Palma Sorrento Apartments is the second phase of Palm Valley, a $200 million, 1,098-unit apartment community in South San Jose that will be one of the city’s largest residential developments to date. Arbor says the community draws a high percentage of the few upper end “discretionary tenants” remaining in the area, and “is easily the number one multifamily destination property in this hard hit marketplace.”

The refinance loan was originated by Robert Schooley, Arbor’s western director and processed in Arbor’s San Francisco lending office. Schooley says the borrower turned to Arbor after two prior lenders were unable to close the loan. Arbor did not release the name of the borrower, but the developer is believed to be the Barbaccia family.

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