The experts at PNC Real Estate bring you real-world success stories from clients. Contact us to discuss financing solutions — from initial property conception to long-term financing.
Innovative Transaction Delivers Permanent Loan for Near-Stabilized Seniors Housing Community
Beztak turned to PNC Real Estate’s seniors housing experts for both the construction loan and refinance of All Seasons Naples.
Intercontinental taps PNC Real Estate for Financing Coast-to-Coast
After deals in Jacksonville, Florida; Austin, Texas and San Jose, California, PNC Real Estate delivered $80 million in permanent financing for a Miracle Mile (Los Angeles) office tower.
City-within-a-City Gives Louisville a Lift
Situated on a 36-acre site, Riverport Landings offers three distinct communities along with support services, retail, access to a 2.5-acre community park and other shared amenities.
PNC Real Estate Delivers Construction Loan and Forward Swap for UOVO’s Newest Art and Fashion Storage Facility
In a competitive lending market, PNC Real Estate recently closed a $57,375,000 construction loan paired with a 12-month forward swap, for UOVO’s newest state-of-the-art collections storage facility. The all-in 7-year deal had to close quickly in order to align with the property acquisition timeline and obtain incentives provided by the New York City Industrial Development Agency that required a year-end deadline.
Competitive rents for a transit-accessible location are not easy to come by in Rahway, New Jersey. Meridia Lafayette Village hit the sweet spot with a location within easy commuting distance of Manhattan.
Golub was confident in PNC’s ability to provide a variety of financing solutions and appreciated PNC’s ability to pull together experts in different types of financing to provide a broad choice and the ability to structure a financing package that meets their needs with precision.
PNC’s preservation funds are used to acquire affordable properties at the end of their 15-year Low Income Housing Tax Credits (LIHTC) compliance period as well as other at-risk affordable rental housing. A recent acquisition totaled 2,034 units.
In addition to providing residents with much-needed affordable housing, a new development will lift up an older, established neighborhood near downtown Phoenix.
In 1983, PNC Real Estate provided a family business with a construction loan for a single car wash. By the mid-90s, ezStorage had refocused its business primarily on self-storage. Since then, PNC Real Estate has financed construction of more than 50 ezStorage locations.
The property is LEED Gold-certified and the first in Philadelphia to incorporate a Mixed Income Housing component under the City’s recently created zoning incentives.
When Caruso decided to increase the size of the company’s corporate credit facility to prepare for future growth, it turned to PNC. PNC served as Joint Lead Arranger and Administrative Agent on a $500 million credit facility.
When Continental looked to double its credit facility to cover properties in lease-up, they turned to PNC. Working together, PNC Real Estate doubled its capital commitment to the long-term client, lowered the interest rate and helped protect the client from further interest rate risk.
As job growth accelerated and multifamily vacancies declined, The Hanover Company felt the timing was right to develop a 370-unit, 40-story high-rise in Houston’s affluent River Oaks submarket. Then Hurricane Harvey hit.
“Mill 19” redevelops a quarter-mile-long building in Pittsburgh’s Hazelwood neighborhood into a vibrant, ecologically friendly 306,000 square foot mixed-use complex. The project was spearheaded by the Regional Industrial Development Corporation.
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 property will be upgraded by new owners.
PNC Real Estate has provided financing to Stanford Carr Development for a new 128-unit high rise in the Kaka’ako District, next door to the famous Ala Moana Center and just blocks from Waikiki. The units will rent at 30%, 50% and 60% of area median income in the 11-story building.
A $400 million syndicated deal came together on a tight deadline to refinance Douglas Emmett’s bridge loan for five West Los Angeles properties. PNC led the syndication that involved three other banks and also participated in the interest rate swap.
Although Washington Holdings purchased the properties before the loans were in place, permanent financing needed to be completed by year-end. The deal closed in just six weeks following the signing of term sheets in late October 2017.
When Magellan Development Group, a Chicago-based development company specializing in urban infill luxury residences, decided to raise a 31-story luxury residential tower in highly desirable Midtown Miami, they turned to PNC.
PNC served as Co-Lead Arranger and Syndication Agent to enable Caruso to construct Palisades Village in coastal California. PNC’s relationship with Caruso extends back 15 years with successful financings of several of the sponsor’s marquee projects.
The first cottage-style single-family homes in Spokane, Washington, designed to house people transitioning from homelessness, are being built with equity and bridge loans from PNC.
PNC recently served as a Joint Lead Arranger and committed $150 million to enable Phillips Edison Grocery Center REIT I, Inc. to acquire real estate assets and the third party asset management business of Phillips Edison Limited Partnership.
PNC delivered a Freddie Mac lease-up program with a 120-day early rate lock for an 11-year fixed rate loan for long-term client Leon N. Weiner & Associates, Inc. and their equity partner.
PNC facilitated a $125 million Fannie Mae near-stabilization lease-up transaction to enable The Habitat Company to acquire a high-rise multifamily property known as One 333 in Chicago, Illinois.
PNC Real Estate closed $54 million in financing in 19 days to save an acquisition deal for a new sponsor headquartered in Canada.
PNC Real Estate completed the Low Income Housing Tax Credit transaction to help Access Housing provide newly constructed community-integrated, affordable housing exclusively for people with disabilities, a finalist in the Affordable Housing Finance Readers’ Choice Awards.
DivcoWest acquired 101 Ellsworth, one of only two office buildings constructed in downtown San Mateo, California in the past 15 years. PNC provided financing for the acquisition.
PNC Real Estate has provided the first Freddie Mac Revolving Credit Facility secured by manufactured housing communities. The transaction allows the borrower to quickly and regularly access additional loan proceeds as rental collections increase.
PNC Real Estate has provided financing to long-term client North American Properties, Inc. (NAP), to build attractive housing for students at Florida State University (FSU) in Tallahassee, Florida. The project required extensive remediation of a brownfield site near campus and close to a WWII-era airbase.
When Randolph Street Realty Capital (RSRC) acquired 1819 Lofts in April 2016, it was 100% vacant. By January of 2017 the residential units were more than 97% leased and the commercial spaces were leased. However, the main tenant would not be open for business until the summer of 2017, creating a “near-stabilized situation.” PNC structured a loan that achieved the client’s goals.
PNC Real Estate has provided financing to the Klingbeil organization for the purchase and upgrading of The Ridgeleigh at Van Dorn Metro, a 360-unit multifamily property located in Alexandria, Virginia.
Lincoln Grant Scholar House provides stable housing in 45 new affordable units for households with incomes no higher than 50% AMI. It serves single parents who are pursuing higher education and the children counting on them.
As RK Investors completed construction and lease-up of its Residences at Brookline multifamily community in Charlotte, North Carolina, the company looked to PNC, its construction lender, for a takeout solution.
PNC Real Estate has provided financing for American Heritage Investments (AHI) to acquire a pair of high-rise apartment buildings at 65 Scott and 1340 Astor on Chicago’s Gold Coast. AHI will fund renovation costs to improve tenant amenities, bring the buildings up to their full potential and maximize income.
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After providing agency and balance sheet financing to Apartment Investment and Management Company (AIMCO) since 2004, PNC Real Estate was awarded a Joint Lead Arranger role on AIMCO’s $600 million REIT Revolver recast following a rapid response to the client’s financing request.
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When a longstanding PNC Real Estate client discovered the 634,517 rentable square foot property at One Franklin Plaza in Philadelphia, Pennsylvania was available at a very attractive price, the company looked to its trusted lender, PNC, to finance the renovation of the vacant high-rise.
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The NHP Foundation celebrated its acquisition of Cleme Manor Apartments in November 2014 with great fanfare. The excitement continued to build and in December 2016, the Foundation announced the comprehensive rehabilitation of the community with Mayor Sylvester Turner of the City of Houston and other dignitaries in attendance. PNC provided $18 million in loans for the project.
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PNC Real Estate has provided a $53.3 million syndicated construction loan for Sloane Street, a 500-unit Class A multifamily project. The development is the first multifamily project in International Business Park, a master-planned development comprised of more than 300 acres and located in North Dallas.
For 50 years, an office block occupied by The Washington Post offered few conveniences to workers and visitors. Now, Carr Properties, as developer and owner of Fannie Mae’s headquarters building, will create a transformational trophy office building with 49,000 square feet of retail that will offer neighborhood tenants and residents distinctive restaurants and amenities when it’s completed in June 2018.
Acquisition financing provided by PNC supported K&D’s $38.5 million purchase of the iconic Terminal Tower in downtown Cleveland.
A $103 million construction loan for the development of Lane Field South, a 400-key InterContinental Hotel in San Diego, California, hinged on PNC Real Estate’s ability to agent and close a complex deal located on the West Coast with an East Coast developer.
A Distinguished Building Honor Award from the American Institute of Architects is the most recent recognition of Optima Sonoran Village’s innovative aesthetics and green building design. PNC Real Estate provided financing for the Scottsdale, Arizona-based community.
The new Thurgood Marshall Apartments complex in downtown Milwaukee, Wisconsin, is just the latest example of PNC Real Estate’s expertise with helping developers secure financing for housing the chronically homeless.
To qualify for the Fannie Mae Green Rewards loan, properties must be able to project a minimum of 20% annual savings in energy or water use through property improvements. PNC Real Estate identified an opportunity for Stratford Partners to take advantage of this recently enhanced program for two qualifying properties, resulting in more favorable interest rates and significant savings in water usage.
PNC served as Administrative Agent and PNC Capital Markets LLC acted as Sole Lead Arranger for a new high-profile office building located in downtown Washington, D.C. on Pennsylvania Avenue between the White House and United States Capitol.
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The restoration of Commerce Tower in downtown Kansas City has been highly anticipated for many years. Now it’s becoming a reality. PNC Real Estate is helping to take the landmark building from neglected to highly desirable. Professionals, young parents and empty nesters will soon enjoy a remarkably convenient and attractive new residence.
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PNC Real Estate’s market knowledge resulted in the right financing options for the purchase of Canyon Club at Metropolis for Forum Real Estate.
Supported by a credit facility with PNC Capital Markets LLC as Lead Arranger and PNC Bank, National Association as Administrative Agent, a new fund created by Menlo Equities targets a higher yield than a portfolio of investment-grade fixed-income instruments — while retaining the tax efficiencies and capital-appreciation potential inherent in real estate investing.
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