News:
Brokerage
Posted: December 7, 2007
PNC ARCS completes $12.206m in financing for Steeples Apartments
PNC ARCS, a PNC Real Estate Co., has completed a $12.206 million in financing for the Steeples Apartments, a 408-unit property. Built in 1978, the Steeples Apartments are a garden-style apartment complex located in Houston. Common area amenities include a clubhouse, two pools, a fitness center, business center, four laundry rooms and a leasing office. There are a total of 548 parking spaces are available including 352 open spaces, 148 carport covered spaces, and 48 garage spaces in garages.
The loan was for a 5year term/5 year amortization at a rate of 5.56%. The loan was originated by ARCS' Calabasas Hills office through Fannie Mae.
ARCS is a PNC Real Estate Finance Company, which is a member of The PNC Financial Services Group, Inc.
Tags:
Brokerage
MORE FROM Brokerage
Liberow and Benshar of Asset CRG Advisors arrange $18.1 million ground lease transaction for 358 Flatbush Ave. development site
Brooklyn, NY Asset CRG Advisors recently facilitated the disposition of 358 Flatbush Ave., a Brooklyn development site situated at the intersection of Park Slope and Prospect Heights overlooking Grand Army Plaza and Prospect Park.
Quick Hits
Columns and Thought Leadership
Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,
AI comes to public relations, but be cautious, experts say - by Harry Zlokower
Last month Bisnow scheduled the New York AI & Technology cocktail event on commercial real estate, moderated by Tal Kerret, president, Silverstein Properties, and including tech officers from Rudin Management, Silverstein Properties, structural engineering company Thornton Tomasetti and the founder of Overlay Capital Build,
A fresh start - by Shallini Mehra and Amit Doshi
For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Strategic pause - by Shallini Mehra and Chirag Doshi
Many investors are in a period of strategic pause as New York City’s mayoral race approaches. A major inflection point came with the Democratic primary victory of Zohran Mamdani, a staunch tenant advocate, with a progressive housing platform which supports rent freezes for rent
