ARCS Mortgage Reports Rise in Apartment Loans

ARCS Mortgage Inc. said its multifamily lending division funded $205 million in multifamily and cooperative apartment loans in the United States in 1992, a 54% increase over the unit’s 1991 lending volume.

ARCS, the Calabasas-based mortgage banking affiliate of the Bank of New York, said the rise in lending by its BNY Mortgage Co. signaled improving economic conditions.

It said it funded a total of $124 million in apartment units in the eastern half of the country last year, and $81 million in the West.