Business Services Industry
ARCS Commercial Mortgage
Real Estate Weekly, May 24, 2000
Howard J. Levine, president and CEO of ARCS Commercial Mortgage, announced the closing of a $42.5 million loan for the refinancing of an 245-unit apartment building near Manhattan's financial district.
The 10-year loan closed at a rate of 7.930 percent and was provided by ARCS through Freddie Mac. ARCS is a Freddie Mac Program Plus lender in all of Freddie Mac's regions and their number one lender for the first quarter 2000.
The 71 Broadway transaction was completed through ARCS' Princeton office.
The 22-story building was formerly the world headquarters for US Steel and was recently completely renovated by The World-Wide Group of NYC. The project benefited from a New York City real estate tax abatement. The World-Wide Group is a real estate developer and investor with a concentration on urban revitalization.
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