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TEWKSBURY, MA-Rogers Commons, a 20-unit apartment complex, secured a $2 million loan through Arbor Commercial Mortgage LLC under its Fannie Mae 3MaxExpress product line. The loan is being used to refinance the recently constructed townhouse-style development. The property has an affordability requirement in place. Through a regulatory agreement with the state, 20% of the units will be set aside for tenants earning 80% or less of area median income. The agreement required Arbor to coordinate with state and local authorities to provide the necessary documentation for closing.

John Edwards of Arbor’s Boston Office originated the loan and Sid Spiegel of NEMOVES brokered the deal for Arbor. Arbor is a national lender specializing in debt and equity financing for multifamily, healthcare and commercial real estate. The Uniondale, NY-based company has lending offices throughout the US. Arbor Commercial’s REIT, Arbor Realty Trust, invests in real estate related bridge and mezzanine loans, preferred equity investments, joint ventures, note acquisitions and other real estate-related assets.

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