Articles and Transaction 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.
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.
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.
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?
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.
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.
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.
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.
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.
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.
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.
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.
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.
New Buildings at 240 and 290 West Nationwide Boulevard Round out the Capital's Arena District.
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.
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.
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?
PNC Real Estate/Multifamily is pleased to introduce "Borrower Insight," our new customer service web portal.
News Article Archives
PNC Real Estate and the Urban Land Institute Host an Artful Celebration at the Barnes
The recently-opened permanent home of the Barnes was the setting for Women Leaders Celebrate Art at the Barnes. Presented by PNC Real Estate and the Urban Land Institute (ULI) Women's Leadership Initiative (WLI), the event included more than 100 women leaders in the commercial real estate industry.
Six Reasons to Schedule an Accounts Receivable Tuneup
Think back to the last time you focused on improving your accounts receivable (AR) process. Was it during an ERP upgrade? Training for a new manager? Perhaps, like many real estate professionals, you feel that your system is working well and wonder why you need to be concerned about AR process improvement at all?
The Multifamily market continues to flex its muscles as market fundamentals remain strong and investors continue to favor the property type. New construction is picking up to more normal levels, reaching high levels in some submarkets, particularly those that were the first to recover and/or have low barriers to entry.
Stacey Berger Awarded CREFC World's 2012 Article of the Year
Multifamily Development Trends
As the first CRE sector out the gate, Multifamily has enjoyed a robust recovery over the last two years. While the other sectors are improving, Multifamily remains investors’ preferred property type, with the shorter, typically year long leases providing the most potential for revenue growth in the short term. From construction, to interim, to permanent lending for Multifamily property types, PNC Real Estate can help you with all your financing needs.
Todd Crow Guest Blogs for TaxCreditCoalition.org
Product Opportunity - Interest Rate Risk Management
With long term interest rates rising this year, but still near the historic lows of 2012, many floating-rate borrowers with short term debt (i.e. 3-5 years) are seeking solutions to guard against further increases in long term rates. Subject to certain underwriting criteria, there are two hedging products that PNC offers that can help you address this risk.
Spotlight Article Archives
PNC Real Estate has Triple Play with UDR
PNC Real Estate recently expanded its lending relationship with UDR, one of the largest multifamily REITs, by delivering three separate financing executions on three adjacent multifamily projects as part of a complex, larger multi-asset joint venture arrangement. The transaction included both construction and permanent financing.
PNC Financing Helps Support Award-Winning Rehab in Irving, Texas
A tired, run-down market-rate property was transformed into an award-winning low-income community thanks to a visionary developer and tax credit equity and bridge financing from PNC.
PNC Real Estate Leads Financing for Luxury Mack-Cali Residential Community
A new 10-story multi-family community is rising on the Hudson River. RiverParc at Port Imperial is a luxury apartment complex offering exceptional views of Manhattan and ideal access to New York City via ferry, light rail, bus and automobile.
New Mixed-Use Development Delivers Luxury and Convenience
The first full-service grocery store in downtown Indianapolis is the centerpiece of a new luxury mixed-use development built with a syndicated construction loan involving three banks and led by PNC Real Estate.
PNC Real Estate Helps Create a "Renaissance" for the Homeless
Chronically homeless adults with severe mental illness will have the opportunity to achieve housing stability thanks to a visionary new development designed by the Fresno Housing authority.