PNC ARCS SECURES THREE FANNIE MAE LOANS

FORT WORTH, SAN ANTONIO AND ARLINGTON, TEXAS — The Dallas office of PNC ARCS has secured a total of $13.65 million in Fannie Mae financing for three Texas multifamily communities. In Fort Worth, a $5.6 million loan was arranged for the 256-unit Park Place Apartments. The loan carries a 10-year term, a 30-year amortization schedule and a 6.35 percent fixed interest rate. In San Antonio, a $4.25 million loan was secured for Forest Ridge Apartments I and II, two adjacent multifamily properties that total 208 units. The loan carries a 6.39 percent fixed interest rate, a 15-year term with a 30-year amortization schedule and interest-only payments for the first 2 years. Finally, a $3.89 million loan was secured for Trinity Oaks Apartments, a 206-unit community located in Arlington. The loan carries a 10-year term, a 30-year amortization schedule and a 6.37 percent fixed interest rate. Each of the communities includes a swimming pool and laundry facilities; Forest Ridge and Trinity Oaks also feature fitness centers. The borrowers in all three transactions were undisclosed.