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Fitch Affirms Arbor Commercial Mortgage, LLC's CMBS Servicer Ratings

NEW YORK--(BUSINESS WIRE)-- Fitch Ratings affirms the commercial mortgage-backed securities (CMBS) servicer ratings for Arbor Commercial Mortgage, LLC (Arbor), as follows:

--Primary servicer rating at 'CPS2';

--Special servicer rating at 'CSS3+'.

The primary servicer rating reflect Fitch's assessment of the company's ability to effectively service commercial mortgage loans as well as its current quality control environment for primary servicing. The special servicer rating reflects the company's overall commercial real estate experience and inherent conflict of interest as investment personnel assist with workout decisions. Both ratings are reflective of the company's experienced management team and technology platform.

Arbor Commercial Mortgage, LLC is a real estate investment and asset management firm that originates, underwrites, sells, and services mortgage loans on multifamily and commercial properties. Arbor Realty Trust (ART), an affiliated company and publicly traded REIT, originates and invests in real-estate related bridge and mezzanine loans, preferred equity, and other real estate related assets. Arbor and ART have entered into a management agreement in which Arbor provides ART with structured finance opportunities and loan servicing as well as other services.

As of June 30, 2012, Arbor's total primary servicing portfolio consisted of 1,665 loans totaling $8.2 billion, of which 16 loans totaling $141.5 million were CMBS. As of the same date, Arbor was named the special servicer on 97 loans with an outstanding principal balance of $1.4 billion, none of which was CMBS. Arbor had 30 assets in special servicing with a principal balance of $508.4 million and is managing three real estate owned properties totaling $119.8 million.

The servicer rating is based on the methodology described in Fitch's reports 'U.S. Commercial Mortgage Servicer Rating Criteria,' dated Feb. 18, 2011, and 'Global Rating Criteria for Structured Finance Servicers' dated Aug. 16, 2010, available on Fitch's web site 'www.fitchratings.com'.

Additional information is available at 'www.fitchratings.com'. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'U.S. Commercial Mortgage Servicer Rating Criteria' (Feb. 18, 2011);

--'Global Rating Criteria for Structured Finance Servicers' (Aug. 16, 2010).

Applicable Criteria and Related Research:

U.S. Commercial Mortgage Servicer Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=584005

Global Rating Criteria for Structured Finance Servicers

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547305

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Fitch Ratings
Primary Analyst
Howard Miller, +1 212-908-0737
Director
Fitch, Inc.
One State Street Plaza
New York, NY 10004
or
Secondary Analyst
Karen Trebach, +1 212-908-0215
Senior Director
or
Committee Chairperson
Chris Bushart, +1 212-908-0606
Senior Director
or
Media Relations:
Sandro Scenga, +1 212-908-0278
Email: sandro.scenga@fitchratings.com

Source: Fitch Ratings