REBusinessOnline

PNC ARCS ARRANGES $9.41 MILLION MULTIFAMILY LOAN

NEW YORK CITY — PNC ARCS has arranged a $9.41 million loan for Fourth Avenue Apartments in Brooklyn, New York City. Constructed in 2008, the 10-story, Class A building contains 56 apartments and a 28-car parking garage. The loan carries a 15-year term, a 30-year amortization schedule and a 6.24 percent fixed interest rate. It was originated by PNC ARCS’ Princeton, N.J., office through Fannie Mae. The borrower was not disclosed.

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