The 48-unit Mayflower Apartments complex in Lynn recently received a $1.8 million Fannie Mae loan from Arbor Commercial Funding, a subsidiary of Arbor Commercial Mortgage LLC of Uniondale, N.Y.

The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.18 percent, according to Arbor.

The loan was originated by Edward Petti, director, in Arbor’s full-service New York, N.Y., lending office.

"The client had a 1031 exchange that needed to be completed in 30 days," said Petti. "Arbor committed and structured a closing that helped the borrower meet the requirements of the 1031 exchange and close in the necessary time frame."