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PNC Real Estate, along with Freddie Mac, recently facilitated the acquisition financing of Via Ventura, a 192-unit garden-style multifamily property located in Ventura, California.
The sponsors and guarantors for this transaction, NNC Apartment Ventures, have more than 30 years of real estate experience and are repeat clients of PNC and Freddie Mac.
Exterior upgrades will include improvements to common area amenities such as the fitness center and pool, as well as new landscaping, paint, lighting and signage. Interior upgrades will include new flooring and paint, appliances, lighting and fixtures, countertops and window coverings.
The renovations are expected to increase the income potential of the property by more than 8%.
The client described PNC Real Estate’s contribution to the deal. “As long-term clients of PNC, we expected — and got — good execution for the Ventura deal. Everything went as planned. There was a tight deadline and the PNC team hit the closing and commitment on time.”
Date: January 2018
Location: Ventura, California
Financing Amount: $48.5 million
Financing Type: Acquisition/Freddie Mac
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