ARCS arranges $17m financing.

Steven Heller, SVP/Eastern Region of ARCS Commercial Mortgage Co., L.P. announced the closing of $17,150,000 million in financing for the Rivercrest Apartments, a 228-unit property in Piscataway Township, located in the northwest corner of Middlesex County.

Built in 1966, Rivercrest Arms consists of 15, two-story buildings on more than 14 acres. Common amenities include an on-site leasing office, swimming pool, playground, and five laundry rooms.

The loan was originated by ARCS' Princeton office through ARCS Capital Markets Group. "Both the borrower and the property were of the highest quality," commented Steven Heller, SVP/Eastern Region of ARCS. "So we were able to structure an 80% loan to value, 10 year Interest Only loan. These terms provided both maximum flexibility and increased cash flow for our client. Our client couldn't be more pleased."

The loan was for a 10 year term and will be repaid Interest Only at a rate of 4.78%.

ARCS is one of America's leading commercial lenders, capable of providing Capital Markets, Fannie Mae, FHA, mezz & bridge financing, and even Freddie Mac in selected regions. In 2004, ARCS provided more than $2 billion for 250 properties nationwide, becoming Fannie Mae's #1 DUS lender for the 8th time in the past 9 years. The company now services a portfolio valued at over $13 billion, representing more than 1,800 loans across 39 states.