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For three decades, Caruso has been creating attractive shopping, dining and residential destinations in highly desirable locations. The company’s commitment to construction and operational quality has proven to be a formula for profitability. As competitors struggle, Caruso continues to experience steady and consistent growth across its portfolio.
Caruso, a privately owned, industry-leading company, focuses on the guest experience. This approach has empowered the company to continually innovate and successfully evolve. Today, Caruso owns and operates a multi-billion dollar portfolio of Class A retail, multifamily and office properties.
PNC has maintained a 20-year relationship with Caruso and provides creative financing solutions in addition to capital markets, treasury management, wealth management, tax credit capital and the services of Midland Loan Services, a PNC Real Estate business.
When Caruso decided to increase the size of a $300 million corporate credit facility to $500 million in order to prepare for future growth, the company turned to PNC to serve as Joint Lead Arranger and Administrative Agent.
Over the course of several weeks, PNC competed and won the mandate to serve as the lead bank in this high-profile transaction.
In discussing the reasons Caruso selected PNC for the lead role, Founder/CEO Rick Caruso noted, “We have a long-standing relationship with PNC which has played a vital role in the growth of our company. We look forward to our continued collaboration and future success.”
Date: May 2018
Financing Amount and Type: $500 million credit facility
PNC Hold: $125 million
Scope: Caruso Portfolio
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