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.