(Read more on the multifamily market.)

SAN JOSE, CA-The developer of the 231-unit Bella Villagio Apartments here recently took out the floating rate loan on the property with a new $35.6-million mortgage. The 10-year, 5.95% loan has a 30-year amortization and requires only interest payments for the first five years.

The loan was originated by David Levine of the San Francisco office of ARCS Commercial Mortgage, which is a PNC Real Estate Finance company. Levine tells GlobeSt.com that the borrower had taken out the construction loan with a floating rate loan and now is taking out the floating rate debt with fix-rate debt.

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