Arbor's preferred product.

Arbor Commercial Mortgage, LLC announced the recent funding of a $7,645,000 loan under its Arbor 85 Preferred product line to finance the acquisition of the 244-unit complex known as Forest Place in Tampa, FL.

The 7-year loan is interest only for one year and then begins amortizing on a 28-year schedule. The interest rate is adjustable (over LIBOR) and the initial rate is 3.79%.

The loan was originated by Ronald Gaither, Chief Operating Officer, and was underwritten in Arbor's full-service Atlanta lending office.

"This loan was the first closed under the new Arbor 85 Preferred loan product. Our clients are looking to create as much efficiency with their capital as possible and the 85 percent LTV that the Arbor 85 Preferred offers helps them achieve that goal."

Arbor 85 Preferred was introduced in March and merges the best elements of the Fannie Mae DUSTM program with the extra proceeds of mezzanine finance provided by Arbor Realty Trust. Arbor 85 Preferred provides LTV of up to 85 percent, loan terms of up to 10 years and amortization of up to 30 years. The minimum loan amount is $5 million.