PNC ARCS closed a $4.257 million loan for the Forest Ridge Apartments I & II, a 208-unit multifamily property.
Built in 1976, Forest Ridge Apartments consist of two adjacent complexes on a total of six acres.
The loan was for a 15-year term/30-year amortization at a fixed rate of 6.39%. The loan will be repaid interest only for the first two years. The loan was originated by PNC ARCS' Dallas office through Fannie Mae.