ARCS Commercial closes $40m in multi-family financing deals.Howard Levine, president/CEO of ARCS Commercial Mortgage Co., L.P. announced the closing of $27.811 million in financing for five multifamily properties with a total of 320 units, located in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , West Hollywood West Hollywood A community of southern California northeast of Beverly Hills. It is mainly residential. Population: 36,600. , Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , and Westwood. Constructed between 1971-1988, Villa Cezanna, Ariel Court Apartments, Pacific Ocean Apartments, The Jeremy Apartments and Playa playa or pan or flat or dry lake Flat-bottomed depression that is periodically covered by water. Playas occur in interior desert basins and adjacent to coasts in arid and semiarid regions. Marina Apartments. The loan was originated by ARCS' Calabasas Hills Office. The loan was for a 10 year term and will be repaid Interest Only for the full term at a rate of 5.655%. Levine also announced the closing of $13.704 million in financing for nine multifamily properties with a total of 222 units, located in Long Beach, Stanton, and Paramount, CA. Constructed between 1954-1992, Exeter Apartments, Hill Street Apartments, 15th Street Apartments, 4th Street Apartments, Walnut Apartments, Walnut Pacifica Apartments, South Street Apartments, Lewis Apartments, and Cerritos Apartments are all garden style apartments located throughout southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . The loans were originated by ARCS' Calabasas Hills Office through Fannie Mae's 3MaxExpres product, a streamlined financing programs for borrowers needing between $500,000 and $3 million. Up to $5 million in select regions. The loans were for 10 and 20 year terms and will be repaid at rates between 6.075% and 6.48%. |
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