ARCS closes $123m deal for apartment portfolio.Howard Levine, President/CEO of ARCS Commercial Mortgage Co., L.P. announced the closing of $123.424 million in financing for four properties with a total of 985 units in the San Francisco Bay Area “Bay Area” redirects here. For other uses, see Bay Area (disambiguation). The San Francisco Bay Area, colloquially known as the Bay Area or The Bay . The properties (Lake Biltmore Apartments, Heatherstone Apartments, The Boardwalk Apartments, South Shore Beach & Tennis Club Apartments) are located in Cupertino, Mountain View, Santa Clara Santa Clara, city, Cuba Santa Clara (sän`tä klä`rä), city (1994 est. pop. 217,000), capital of Villa Clara prov., central Cuba. , and Alameda Alameda (ăləmē`də, –mā`də), city (1990 pop. 76,459), Alameda co., W central Calif., on an island just off the eastern shore of San Francisco Bay; settled 1850, inc. as a city 1884. respectively. Lake Biltmore Apartments was constructed in 1972 on 10.12 acres. Community amenities include in-ground heated pool and spa, playground, fitness center, clubhouse and open landscaped areas between buildings including ponds and water features. Heatherstone was constructed in 1974 on 9.2 acres. Community amenities include four pools, spa, five tennis courts, basketball/sport court, and a large clubhouse (contains social room with fireplace and kitchen, fitness center, billiards billiards, any one of a number of games played with a tapered, leather-tipped stick called a cue and various numbers of balls on a rectangular, cloth-covered slate table with raised and cushioned edges. area, sauna, aerobics studio and shower facilities complete with daily lockers). The Boardwalk Apartments was constructed in 1977 on 10.6 acres. The community amenities include a heated swimming pool, spa, playground, fitness center, laundry rooms A laundry room (also called a utility room) is a room where clothes are washed. In a modern home, a laundry room would be equipped with an automatic washing machine and clothes dryer,and often a large basin, called a laundry tub, for hand-washing delicate articles of clothing such , and a clubhouse South Shore was constructed in 1974 on 9.2 acres. Community amenities include four pools, spa, five tennis courts, basketball/sport court, and a large clubhouse. The loan was originated by ARCS' San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden office through Fannie Mae's Fixed Rate loan product. The loan was for a 10 year term and will be repaid Interest Only for the first 5 years at a fixed rate of 5.39% for all four loans. They will begin 30 year amortization in the 6th year. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion