X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CALABASAS, CA-ARC Commercial Mortgage, headquartered in Calabasas, Calif., has closed a credit facility for Sun Communities for $150 million, expandable to $200 million. Initial funding was for close to $102 million, according to ARCS vice president Luis Vela.

The facility has an adjustable rate with a fixed rate option at Borrower’s election. It uses Fannie Mae’s Discounted Mortgage Backed Securities for 5-plus-5-year term, which has historically traded under 3-month LIBOR.

Sun Communities Inc. was established in 1975 and became a publicly traded real estate investment trust in 1993. The company owns and operates 117 manufactured housing communities and RV resorts concentrated in the Midwest and southeast. It has over 41,200 units with occupancy of 93 % and an average monthly rent of $306.

ARCS services a portfolio over $9.4 billion with 1,600 borrowers in 39 states. The commercial real estate mortgage banking company’s total fundings last year totaled $3.3 billion.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.