ARCS Commercial Mortgage Co. of Calabasas, CA, originated the loan through Fannie Mae's Fixed Rate loan product. The nine-year loan will be repaid interest only at a fixed rate of 5.31%. The loan also included a one-year Extended Maturity Option during which the borrowers may take as little as a month or up to a year to refinance with no prepayment penalties.

Fairwood Pond was built in 1997 on 10.31 acres at 14700 E. Petrovitsky Rd. The property offers five floor plans that range in size from 754 sf for a one-bedroom, one-bath unit, up to 1,212 sf for a three-bedroom, two-bath unit. Each apartment home has a fireplace, built-in washers and dryers and state-of-the-art appliances. Common amenities include a pool, a spa, a fitness center, a community room, a business center, and a play area.

ARCS did not name the borrower, but Essex lists the property on its Web site, and in November 2004 issued a press release on its acquisition of the property. The property is one of three Essex owns in the Renton market. The other two are Brighton Ridge (264 units) and Forest View (192 units). Essex owns about 4,700 units in 25 properties in the greater Seattle area, including five in Bellevue; five in Seattle; four in Bothell; two in Issaquah and two in Kirkland. Average occupancy is in the mid 90% range.