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ARCS launches mezzanine lending affiliate. (Commercial).

ARCS COMMERCIAL MORTGAGE, CALABASAS Hills, California, has formed Topanga Funding LLC, a mezzanine financing affiliate, to be led by James R. Maddox. Maddox has a 2o-year background in commercial mortgage banking, corporate finance, telecommunications and e-commerce, including leadership roles at Weyerhauser Mortgage, Citi-group Securities and as founder of Digital Boardwalk and Spectrum Communications. From 1995 to 2002, he co-founded and lead Private Equity Partners, a venture capital and private investment firm specializing in emerging-growth technologies.

The new mezzanine affiliate will provide borrowers with additional short-term financing alternatives that have several important distinctions from existing mezzanine financing choices, according to ARCS.

"In keeping with ARCS' mission to be a low-cost provider and to simplify the lending process, we have dramatically streamlined a procedure that until now has been complex, tedious, slow and costly," said Maddox. "Under the umbrella of ARCS' multifamily financing leadership and their access to capital, we expect that Topanga will cut the average processing time in half, reduce the legal and closing costs and offer interest rates significantly below what the competition can do."
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Publication:Mortgage Banking
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 2003
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