ARCS Commercial Mortgage Co., Calabasas Hills, Calif., has announced the closing of over $17.2 million in tax-exempt variable bond financing for an affordable housing portfolio in urban Los Angeles.Loans ranging from $1.0 million to $10.3 million were originated through the Fannie Mae Delegated Underwriting and Servicing program in partnership with the investment banking firm RBC Dain Rauscher. The transaction includes six seniors and multifamily properties owned by a 501(c)(3) entity created by the Housing Authority of the City of Los Angeles. ARCS said it reduced the borrower's debt service by nearly 50% "due to the low, all-in rate of 2.23%." Excess cash flow will be reinvested in property upgrades and general maintenance.
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