DDR Corp., one of the largest publicly traded Real Estate Investment Trusts (REITs) in the nation, is focused on improving the asset quality of its portfolio and the credit profile of its balance sheet. As one of DDR’s primary financial institutions, PNC was recently approached to provide a syndicated term loan to help the REIT reach its objectives.
DDR’s relationship with PNC has been expanding since 2008. In addition to the lending relationship, PNC provides capital markets services, treasury management and deposit services.
Due in part to the long-term relationship, DDR approached PNC in the third quarter of 2016 to serve as Administrative Agent for a $174.7 million term loan, along with one other bank. The client required fast turnaround and the collateral pool was complex, consisting of seven properties and approximately 1.8 million square feet of mostly multiple-anchored shopping centers located across four states. Proceeds of the facility will be used to refinance existing CMBS debt.
The deal closed on December 21, 2016, less than three months from the initial request.
Date: December 2016
Location: Alabama, Florida, Georgia, South Carolina
Financing Amount: $174.7 million with a $51 million PNC hold
Financing Type: Syndicated term loan
Scope: 7 properties comprising 1.8 million square feet of retail space
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