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REIT refinances apartment communities for $350m.

Larry Sneathern, SVP Central Region of ARCS Commercial Mortgage announced the closing of $350 million in mortgage refinancing for 19 Class A apartment communities in Dallas/Ft. Worth, San Antonio, and Phoenix.

ARCS Dallas branch helped the borrower, a California real estate investment trust, by structuring the mortgages with staggered terms and flexible collateral conditions. The complex transaction was rate-locked, approved, and committed within 16 days of application.

Larry Sneathern originated the loan and is ARCS SVP of the Central Region, heading the Dallas Office. This current transaction was executed through ARCS' relationship with Northwestern Mutual Life Insurance.

"Our long experience in Texas and Larry's leadership of our strong Dallas team," commented Levine, "made it possible to move very quickly in order to satisfy our borrower's timing as well as financial needs."
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Title Annotation:FINANCE
Publication:Real Estate Weekly
Date:Jun 13, 2007
Previous Article:Emigrant Funding Corporation.
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