"We had the existing loans with them on floating debt," Huntsman tells GlobeSt.com. "We converted them to a fixed-rate loan and they took some cash out."
The properties are located in Sunnyvale, Foster City, Pacifica, Santa Clara, Santa Rosa, Belmont, Fremont and Pleasanton. They have a combined 1,666 units and range in size from 29 to 248 units.
The Fannie Mae DUS loans were interest-only and had 10-year terms. Most of the loans had an interest rate of 5.49%.
The properties involved in the transaction were: Beach Cove M and L Apartments, Birchwood Apartments, Shadow Cove Apartments, Sand Cove Apartments, Lincoln Glen Apartments, Greenpoint Apartments, Del Prado Apartments, Seapointe Apartments, Woodmont Apartments, Colonial Gardens and Shadow Creek Apartments.
ARCS is headquartered in Calabasas Hills and has 11 branch locations. In 2006, it provided more than $2.1 billion for 308 properties nationwide. The company services 1,800 loans across 40 states with a combined value of $13 billion.
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