$11m Mission possible.Howard Levine, president/CEO of ARCS Commercial Mortgage Co., announced the closing of $11,377,000 for the Pacific at Mission Bay, a 113-unit property located in the Pacific Beach Community of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . Built in 1971, Pacific at Mission Bay is a 3-story garden style complex on 2.4 acres of land. Common amenities consist of security access, garage parking, gym and fitness room, laundry room, outdoor pool with spa, sauna, recreation room, and storage spaces. The loan was originated by ARCS' San Francisco office. The loan was for a 10 year term/Interest Only at a rate of 5.835%. ARCS is one of America's leading commercial lenders, capable of providing Fannie Mae Fannie Mae: see Federal National Mortgage Association. , Capital Markets, mezz & bridge financing Bridge Financing A method of financing, used by companies before their IPO, to obtain necessary cash for the maintenance of operations. Notes: These funds are usually supplied by the investment bank underwriting the new issue. , and even Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. in selected regions. The company now services a portfolio valued at nearly $13 billion, representing almost 1,800 loans across 39 states. |
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