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Multifamily financing

Real Estate Weekly, Oct 17, 2007

Larry Sneathern, SVP/Eastern Region of ARCS Commercial Mortgage Co., announced the closing of $2.396 million in financing for the Colonnade Apartments, a 122-unit property in Beaumont, TX.

Built in 1969, the Colonnade Apartments is a garden style apartment complex on 4.86 acres of land. The loan was originated by ARCS' Dallas office and was for a 10 year term/30 year amortization at a rate of 5.84%.

Howard Levine, president/CEO of ARCS Commercial Mortgage Co., announced the closing of $2.276 million in financing for the River Run Apartments, a 64-unit property in Wetumpka, AL.

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The loan was originated by ARCS' San Francisco. The loan was for a 10 year term/Interest Only for the first 2 years, 30 years amortization thereafter. The loan will be repaid at a rate of 5.92%.

COPYRIGHT 2007 Hagedorn Publication
COPYRIGHT 2008 Gale, Cengage Learning

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