Arbor lends to Aspen.

Arbor Commercial Mortgage, LLC announced a $125 million Discounted Mortgage Backed Security credit facility to entities affiliated with Aspen Square Management, Inc. Under this cross-collateralized facility, the initial funding of $79.732 million refinanced a total of eight properties containing 1,583-units located throughout California, Oregon, Rhode Island and Texas. Within 12 months of closing, Aspen is expected to refinance additional multi-family and student housing properties up to the $125 million limit.

Terry Baydala, senior vice president in Arbor's Uniondale, N.Y. lending office, negotiated this transaction on behalf of Arbor.

"For large-scale and sophisticated multi-family owners like Aspen, the benefits from Fannie Mae's DMBS credit facilities include exceptional pricing and flexibility, as assets can be substituted in and out of the facility," said Baydala.