TODAY’S DEALS: PNC ARCS Provides $8.573M for 156-Unit Property, and Other Transactions
- Dec 24, 2008
By Anuradha Kher, Online News EditorWaterbury, Conn.–PNC ARCS recently provided a loan in the amount of $8.573 million for the River’s Edge Apartments, a 156-unit property in Waterbury, Conn.Built in 1974, River’s Edge Apartments is a gated, Tudor style apartment community.Common amenities include secured entry with intercom, laundry rooms, swimming pool with a cabana area and secured storage.The loan was for a 10-year term/2 Years Interest Only at a fixed rate of 6.5 percent. PNC ARCS originated the loan through Fannie Mae.Hendricks & Partners Arranges Sale of Six-Unit Rental Community for Over $1MNewport Beach, Calif.–Hendricks & Partners has arranged the sale of Domingo Villas at 801 Domingo Dr., in Newport Beach, Calif. The six-unit apartment community was sold for $1,550,000, representing a 4.97 percent actual cap rate and $258,333 per unit.Domingo Villas features two-bedroom, two-bath; two-bedroom, one-bath and one-bedroom one-bath unit floor plans. All unit interiors are fully renovated.Community amenities include swimming pool and clubhouse.Arbor Closes $1,427,600 Fannie Mae DUS LoanMadrid, Iowa–Arbor Commercial Funding recently completed funding of a $1,427,600 loan under the Fannie Mae DUS product line to finance Meadow Estates, an 85-unit community in Madrid, Iowa.The 10-year loan amortizes on a 25-year schedule and carries a note rate of 6.85 percent.