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$14m apartment loan now closed.


Steven Ste´ven

n. 1. Voice; speech; language.
Ye have as merry a steven
As any angel hath that is in heaven.
- Chaucer.

2. An outcry; a loud call; a clamor.
To set steven
to make an appointment.
 Heller, SVP/Eastern Region of ARCS Commercial Mortgage Co., announced financing for $14.6 million for the Woodcreek Apartments, a 260-unit property Jacksonville, FL.

Built between 1974-75, Woodcreek is a garden style apartment complex situated on more than 12 acres. Common amenities include 2 swimming pools, a clubhouse, a playground Playground - A visual language for children, developed for Apple's Vivarium Project. OOPSLA 89 or 90?  and a multi purpose sport-court. The clubhouse facility provides areas for leasing/management and a recreational room. There are also five laundry Laundry can be:
  • items of clothing and other textiles that require washing
  • the act of washing clothing and textiles
  • the room of a house in which this is done
History of laundry
Before industrialization
 facilities located throughout the complex.

The loans were originated by ARCS' Princeton Office. From the start of underwriting Underwriting

1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt).

2. The process of issuing insurance policies.
, the closed was closed in just four weeks. The loan was for a 10 year term/30 year amortization at a rate of 5.44%. The loan will be repaid Interest Only for the first 3 years.
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Article Details
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Dec 27, 2006
Words:128
Previous Article:$12m financing will help Belfonti reposition CT town homes.
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