PNC ARCS SECURES TWO MULTIFAMILY LOANS TOTALING $17.9 MILLION

STATE COLLEGE AND HARRISBURG, PA. — Calabasas Hills, Calif.-based PNC ARCS has secured two multifamily loans in Pennsylvania totaling $17.9 million. In State College, the firm provided $9.1 million for Cooper’s Pond Townhomes and Turtle Creek Apartments, two multifamily communities that total 297 units. The loans carry a 10-year term, interest-only, at a rate of 5.815 percent. The Princeton, N.J., office of PNC originated the loans through Fannie Mae.
In Harrisburg, PNC’s Princeton office originated $8.8 million for Treeview Apartments, a 210-unit multifamily property located in Harrisburg. The loan carries a 10-year term with a 30-year amortization schedule at an interest rate of 6.01 percent. PNC also originated this transaction through Fannie Mae. The borrowers in both transactions were undisclosed.