TODAY’S DEALS: PNC ARCS Closes Over $9M in Loan to56-Unit Rental Community, and Other Transactions

By Anuradha Kher, Online News EditorNew York, N.Y.–PNC ARCS has closed a $9.416 million loan for the Fourth Avenue Apartments, a 56-unit community in Brooklyn, N.Y.Built in 2008, the Fourth Avenue Apartments is an A-rated, 10-story building containing 56 apartments and a 28-car parking garage. There are no other amenities in the building.The loan was for a 15-year term/30-year amortization at a fixed rate of 6.245 percent.  The loan was originated by PNC ARCS’ Princeton, N.J. office through Fannie Mae.Arbor Closes $8,321,800 Fannie Mae DUS LoanLynn, Mass.–Arbor Commercial Funding LLC recently completed funding of a $8,321,800 loan under the Fannie Mae DUS product line to finance the 94-unit complex known as Marian Gardens in Lynn, Mass.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.42 percent. Seattle Bank Announces $4.38M in Affordable Housing Program AwardsSeattle–The Federal Home Loan Bank of Seattle will provide $4.38 million in a Affordable Housing Program (AHP) subsidy to fund affordable housing initiatives in Idaho, Montana, Oregon and Washington.“This funding will help to create 440 units of affordable housing for low- and moderate-income households, including those with special needs, homeless individuals and families, and Native peoples,” says Seattle Bank President and CEO Richard M. Riccobono. “We are particularly gratified to make this contribution at a time when so many families are at risk of losing their homes and funding for affordable housing is increasingly difficult to obtain.”