Apartment financing deal closed.Howard Levine, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of ARCS Commercial Mortgage Co., L.P. announced the closing of $8,574,000 million in financing for the Clair Del Gardens Apartments, a 108-unit property in Long Beach, CA. Clair Del Gardens is a garden-style apartment complex constructed in 1970 on 1.55 acres of land. Common amenities include a pool, laundry room 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 , clubhouse with fitness equipment and controlled vehicular and pedestrian access. The loan was originated by ARCS' Calabasas Hills Office through Fannie Mae's DMBS DMBS Discounted Mortgage Backed Security DMBS Desert Mountain Business Solutions, LLC (Surprise, AZ) DMBS Digital Multi-Media Broadcasting Service , a variable rate alternative to the traditional ARM which offers lower rates for borrowers needing at least $25 million or a pool of loans totaling at least $50 million. The loan was for a 10 year term and will be repaid Interest Only at an initial rate of 5.75% then begin 30 year amortization. The loan joins a pool totaling 5 properties, 642 units, and more than $80 million in 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, . |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion