Commercial Mortages takes Vegas gamble.

Howard Levine, President/CEO of ARCS Commercial Mortgage Co., L.P. announced the closing of $3.45 million in financing for the David J. Hoggard Apartments, a 100-unit multifamily property in Las Vegas, NV which is set aside for low-income seniors who have legal custody of grandchildren or great-grandchildren.

The Las Vegas Housing Authority estimates that approximately 15,000 seniors in Clark County are caring for one or more of their grandchildren. This is substantiated by the 2003 figures from the U.S. Census Bureau. According to these same figures, another 36,836 grandparents nationwide have their own grandchildren as part of their household. The David J. Hoggard Apartments is the 3rd such facility to be established in the US. as part of the unfortunate but necessary effort to deal with this growing phenomenon.

Constructed in 2005 using Low Income Housing Tax Credits, the property is 100% restricted to tenants earning less than the AMI, with a preference for seniors over 55. This community offers exceptional amenities: state-of-the-art fitness center, elevator access to the second floor, entertainment lounge with television and DVD player, resident computer center, kiddy pool area, and conference room.

The loan was originated by ARCS' Reno Office. The loan was for an 18 year term/30 year amortization at a rate of 6.43%.

ARCS is one of America's leading commercial lenders, capable of providing Fannie Mae, Capital Markets, mezz & bridge financing, and even Freddie Mac in selected regions. In 2005, ARCS provided more than $2.4 billion for 289 properties nationwide. ARCS has also been Fannie Mae's #1 DUS 9 of the last 10 years. The company now services a portfolio valued at nearly $13 billion, representing almost than 1,800 loans across 39 states.