The mortgage loans, which were originated by the Calabasas Hills branch of ARCS Commercial Mortgage Co. LP, are for a 25-year term and 30-year amortization at a rate of 7.4%. The larger of the two transactions involves a $16.5-million mortgage loan for the 277-unit Seawind Village Apartments. The $4.9-million mortgage loan is for the 94-unit La Quinta Hermosa Apartments.
ARCS is a nationwide provider of commercial property financing for investment-grade properties. A recognized leader in multifamily financing, ARCS is ranked as the number one Fannie Mae DUS lender and the number one Fannie Mae affordable housing lender. ARCS' total fundings in 2000, including DUS, exceeded $1.8 billion. The company now services a portfolio valued at nearly $8.5 billion, representing more than 1,500 borrowers across 39 states.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
