Articles and Transaction Spotlights

December 2014


Spotlights

Fast Work, Extensive Capabilities and Confidence Deliver Multifamily Deal in Competitive Environment

When Forest City Enterprises decided to refinance its 862-unit Bayside Village property in San Francisco, more than half a dozen bank and non-bank capital providers lined up to compete for the deal. But PNC offered the right mix of capabilities and a national presence to meet the client’s requirements.

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PNC Assists Ironstate Development in Rebuilding the Waterfront

Innovative Staten Island Property Offers a Mix of Market-Rate and Affordable Units

Although Staten Island is growing faster than any other New York City borough, Navy Pier Court is the first new large-scale residential project to be built on the island in nearly 40 years. Located on New York Bay on a 7.5 acre site of a former decommissioned U.S. naval base, it offers spectacular waterfront views of Manhattan, the Statue of Liberty and the Verrazano Narrows Bridge. Working with award-winning Dutch architecture firm Concrete, the design is a celebration of its surroundings — meeting the needs of the community and its residents. Benefiting from New York’s 421-A Tax Abatement Program, Navy Pier Court will reserve 20% of its units for affordable housing.

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Articles

PNC Advisory Series Webinar
The State of the Multifamily Market: Update on Market Rate and Income-Restricted Fundamentals

Demand remains strong for market rate and income-restricted units, though the looming supply wave of market rate units could limit the upside in certain markets. Leasing fundamentals are healthy, benefiting from demographic trends and strengthening job growth; however, lack of median household income growth could limit rent increases.

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PNC Advisory Series Webinar
The Coming Interest Rate Hike: Hedging Strategies You Should Consider

Few doubt that the Fed will hike interest rates in the near future. But when? And how can you prepare?

Ongoing volatility in the bond market and the potential shape of the yield curve once the Fed makes its decision are among the issues that you should be considering. Interest rate caps and swaps can be useful tools in dealing with uncertainty. But what’s the best solution for your company?

Click Here to Replay Webinar»

 

September 2014


Spotlights

Long-Term Relationships Help PNC Real Estate Land Financing for Arkadia Tower

Designed to appeal to young professionals seeking an apartment in one of Chicago’s hottest neighborhoods, Arkadia Tower, a high-rise multifamily development in the Greektown section of Chicago’s West Loop neighborhood, will include 350 apartment units, approximately 22,000 sq. ft. of street-level retail, indoor and outdoor amenities and  a four-story parking structure.

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Austin MF Lands LIHTC Financing

Oak Creek Village, an affordable multifamily development under development at 2324 Wilson St., Austin, Texas, has landed a financing package via PNC Bank. The package for developer 2013 Travis Oak Creek L.P. includes a $27.3-million unfunded forward commitment through Fannie Mae’s 9% Low Income Housing Tax Credit program with a mortgage-backed securities execution.

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Agree Credit Facilities Taps PNC’s Syndication Expertise

Agree Realty Corporation (NYSE: ADC),  a fully-integrated real estate investment trust, elected to refinance its existing $85 million revolving credit and $35 million term loan facilities in order to take advantage of a more competitive bank market and achieve a lower cost of financing.

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Articles

SEC Approves Money Market Reform

On July 23rd, the Securities and Exchange Commission (SEC) voted to pass new regulations affecting the operation of money market mutual funds in an effort to further stabilize the industry.

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PNC Helps Affordable Housing Owners Take Advantage of New Options

In December of 2013 PNC Real Estate and Southern Nevada Regional Housing Authority made history by closing the first ever Rental Assistance Demonstration (RAD) transaction utilizing an FHA loan combined with tax credit equity. PNC has also provided RAD-based financing options in Santa Fe, New Mexico; Fort Worth, Texas and East Orange, New Jersey and five other locations.

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June 2014


Spotlights

Strength and Creativity Land Syndicated Loan with UDR

UDR, Inc. (NYSE:UDR), an S&P 400 company, is a leading multifamily real estate investment trust with a demonstrated performance history of delivering superior and dependable returns by successfully managing, buying, selling, developing and redeveloping attractive real estate properties in targeted U.S. markets.

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Halekauwila Place Puts People Where the Jobs Are

Creative deployment of PNC Real Estate's products and services has helped turn an underutilized area near downtown Honolulu into affordable housing. The well-appointed new community has helped spark additional development that will put more individuals and families within walking distance of good jobs in industry, retail and government.

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Articles

Interest Rate Hedging Strategies for Real Estate Construction Loans

Interest rates are a key determinant of the success of many real estate projects, and after many years of Fed intervention in interest rate markets, it is very likely that rates are headed higher in the coming years as the Fed removes stimulus.

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PNC Announces PINACLE® Mobile App for iPad

PNC's corporate and commercial customers now have an additional tool to access their online accounts and to gain insight into their day-to-day business activities. The new PINACLE Mobile app is currently available free from the Apple Store.

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Today's Opportunity

With the volume of capital targeted at the multifamily debt markets, all sources are sharpening their pencils and trying to win business with substantially discounted pricing and reasonably aggressive structures.

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March 2014


Spotlights

Hello, Columbus!

New Buildings at 240 and 290 West Nationwide Boulevard Round out the Capital's Arena District.

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Rehabilitation Delivers a More Attractive, Safer Community for Low-Income Families

PNC Real Estate has engaged with Millennia Housing Development, Ltd. across three states to provide financing for low income, multifamily housing properties. The latest is the rehabilitation of Seneca Grove Apartments in Painesville, Ohio, a Section 8 property.

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Articles

PNC Card Optimization—How It Works

Read how optimization of commercial card programs can result in additional improvements in cash flow management and staff productivity, and can provide financial benefits. And while card optimization programs have traditionally been targeted at larger companies, we are now finding that our mid-sized and smaller clients are also seeing strong bottom-line benefits.

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Syndicated Loan or Herding Cats?

What issues should a borrower consider when planning for a large syndicated loan? Given a number of considerations, what is the right strategy - a single agent or a co-led deal? How many lenders should be involved?

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Today's Opportunity

PNC Real Estate/Multifamily is pleased to introduce "Borrower Insight," our new customer service web portal.

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