The founder of Arcs Mortgage Inc., Howard Levine, has kept a hand in the mortgage pot with the recent purchase of the now-defunct lender's multifamily division.

Mr. Levine and a group of California real estate investors have purchased the unit from Bank of New York Co., which had put Arcs Mortgage up for sale in July 1994. The deal also includes the purchase of a $1.3 billion servicing portfolio.

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