Capodagli Closes 15-Year Permanent Loan
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.
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Teamwork Delivers Acquisition Financing for Golub & Company Partner
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.
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PNC Acquires 14-Property Portfolio in the Southeast
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.
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Laurel Tree Financed with Efficient Combination of Debt and Equity
In addition to providing residents with much-needed affordable housing, a new development will lift up an older, established neighborhood near downtown Phoenix.
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Relationship with ezStorage Spans Generations
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.
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Brown Hill Development Completes Stunning Philadelphia High Rise
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.
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Caruso Looks to the Future with Upsized Credit Facility
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.
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Freddie Mac Financing Helps Continental Grow
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.
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Houston is Back
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.
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New Hope Rises from Redeveloped Mill Property
“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.
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New Owners Will Upgrade Via Ventura
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.
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Affordable Housing in Honolulu
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.
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PNC Real Estate Leads $400 Million Four-Bank Syndication
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.
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Two Simultaneous Deals Closed Fast
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.
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PNC Real Estate Delivers Construction Financing for Magellan
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.
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PNC Real Estate Delivers Financing for Caruso Development
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.
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PNC Helps Client Build a Unique Community
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.
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PNC is Joint Lead Arranger in REIT Deal
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.
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PNC Helps LNWA Seize a New Opportunity
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.
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PNC Delivers Creative Agency Financing
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.
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PNC Real Estate’s Fast Action on a Complex Deal Delivers for Wharton
PNC Real Estate closed $54 million in financing in 19 days to save an acquisition deal for a new sponsor headquartered in Canada.
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Visionary Housing Concept for Individuals with Disabilities Financed by PNC
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.
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DivcoWest Taps PNC for Acquisition of San Mateo Office Building
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.
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PNC Delivers a First for Manufactured Housing
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.
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PNC Real Estate Helps Client Remediate Brownfield and Create Campus Housing
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.
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PNC Real Estate Delivers a Significant Cash-Out Event for Long-Term Client
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.
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Ridgeleigh Saves with Eco-Conscious Improvements
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.
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PNC Real Estate Finances Homes for Determined Scholars
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.
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PNC Real Estate Helps Client Pay Off Construction Loan and Solves Interest Rate Dilemma
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.
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PNC Finances Twin Apartments on Chicago’s Gold Coast
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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PNC Delivers Fast on AIMCO’s Revolver Recast
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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One Franklin Plaza Brings Luxury Mixed-Use Space to Downtown Philly
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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PNC Real Estate Collaborates with the NHP Foundation to Rehab and Preserve Affordable Housing
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 Helps Bring a Little Bit of London to Dallas
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.
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PNC Real Estate Brings Financing Home for New Fannie Mae Headquarters
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.
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PNC Real Estate Helps K&D Light Up the Night
Acquisition financing provided by PNC supported K&D’s $38.5 million purchase of the iconic Terminal Tower in downtown Cleveland.
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Coast-to-Coast Capabilities Position PNC Real Estate for San Diego Deal
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.
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PNC Real Estate Finances Construction of Award-Winning Green Community
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.
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PNC Real Estate Finances “Housing First” Initiatives
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.
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Success with Green Rewards for Multifamily
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.
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PNC Arranges $180 Million Financing for High-Profile D.C. Office Building
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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PNC Real Estate Makes a Landmark Commitment to Kansas City
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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Market Expertise Clinches Financing Deal for Apartment Complex
PNC Real Estate’s market knowledge resulted in the right financing options for the purchase of Canyon Club at Metropolis for Forum Real Estate.
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Menlo Equities Targets Stabilized Office Buildings Leased to Investment Grade Tenants with Syndicated Facility from PNC 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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