ARCS Commercial Mortgage Co., L.P

Real Estate Weekly, Jan 13, 1999

Howard J. Levine, president/CEO of ARCS Commercial Mortgage Co., L.P., has announced the closing of a $2.27 million loan for the Montefiore Medical Office Building in The Bronx, NY. The loan, for five years fully amortizing, was at a rate of 7.25 percent. The loan-to-value was 39.47 percent. The property, built in 1993, is single-tenant, five-story medical office building. It is 100 percent leased by Montefiore Medical Center through the year 2003, coinciding within a few months of the loan maturity date.

ARCS' Capital Markets Division financed the property through its relationship with NationsBank. The tenant is investment grade. Additionally, due to the loan being single-tenant on a triple net lease, ARCS was able to waive reserves, taxes and insurance escrow.

ARCS is the #1 Fannie Mae DUS multi-family loan originator in America, and their largest loan servicer as well. Including DUS, the company currently services a portfolio of $3 billion in 34 states across the country. ARCS is also America's fifth largest Freddie Mac Program Plus lender, a correspondent for NationsBank and has strong ties to major Wall Street houses.