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Recent Transactions
Delivered for our Customers
PNC Real Estate provides comprehensive financing options that meet your specific needs spanning the life of a transaction, including construction, permanent and term debt, syndicated loans and tax credit investments.
Transaction Overview
As a leading financial institution, top agency lender and tax credit equity provider, PNC Real Estate structures capital for all property types and financing needs.
Conventional Multifamily
Fannie Mae
$28,743,000
Multifamily
Miami, FL
294 units
Construction Loan
$30,000,000
Multifamily
New Orleans, LA
239 units
Fannie Mae
$30,225,000
Multifamily
Winter Springs, FL
244 units
Term Loan
$37,125,000
Multifamily
Austin, TX
256 units
Construction Loan
$46,100,000
Multifamily
Maitland, FL
350 units
Fannie Mae
$22,035,000
Multifamily
Columbia, MD
170 units
Freddie Mac
$13,200,000
Manufactured Housing
Belleville, MI
358 units
Construction Loan
$43,038,495
Multifamily
Scottsdale, AZ
277 units
Freddie Mac
$18,288,000
Multifamily
Webster, NY
315 units
Construction Loan
$36,337,000
Multifamily
Phoenix, AZ
385 units
HTC Equity
$14,276,699
Multifamily
Philadelphia, PA
756 units
Fannie Mae
$11,250,000
Multifamily
Lowell, IN
192 units
FHA 223(a)(7)
$48,861,200
Multifamily
Herriman, UT
496 units
Fannie Mae
$38,187,000
Multifamily
Flowery Branch, GA
456 units
Construction Loan
$33,000,000
Multifamily
Addison, TX
383 units
Freddie Mac
$6,315,000
Multifamily
Winston-Salem, NC
108 units
Affordable Multifamily
Fannie Mae
$11,505,000
Multifamily
Austin, TX
156 units
LIHTC Equity
$10,118,562
Bridge Loan
$4,190,000
Multifamily
Camden, NJ
89 units
FHA 221(d)(4)
$12,335,300
Multifamily
Los Angeles, CA
137 units
Freddie Mac
$7,313,000
Multifamily
El Paso, TX
153 units
Preservation Equity
$8,205,981
Debt
$14,322,750
Multifamily
Leesburg, VA
157 units
FHA 221(d)(4) LIHTC
$60,404,300
Multifamily
Chicago, IL
318 units
Freddie Mac
$8,500,000
Multifamily
Boynton Beach, FL
384 units
FHA 223(a)(7) — Section 8
$5,189,400
Multifamily
Muskegon Township, MI
120 units
LIHTC Equity
$15,600,046
Multifamily
Watertown, NY
115 units
Freddie Mac
$7,900,000
Multifamily
Columbia, SC
300 units
Preservation Equity
$11,062,659
Balance Sheet Loan
$19,064,500
Multifamily
Norwalk, CT
163 units
FHA 221(d)(4)
$34,999,900
Multifamily
Newark, NJ
258 units
Fannie Mae
$34,182,000
Multifamily
Garden Grove, CA
402 units
Freddie Mac
$5,407,000
Multifamily
Detroit, MI
216 units
FHA 223(a)(7)
$10,055,000
Multifamily
Chicago, IL
312 units
LIHTC Equity
$10,242,847
Bridge Loan
$8,100,000
Multifamily
Pittsburgh, PA
52 units
Office
Construction Loan
$126,000,000
PNC Share
$63,000,000
Office
New York, NY
172,820 sf
Permanent Loan
$19,200,000
Office
Beaverton, OR
53,438 sf
Term Loan
$40,850,000
Office
Columbia, MD
429,236 sf
Permanent Loan
$35,000,000
Office
Boston, MA
228,031 sf
Term Loan
$43,000,000
Office
Reston, VA
236,198 sf
Construction Loan
$525,000,000
PNC Underwrite
$200,000,000
PNC Hold
$87,500,000
Office
Washington, DC
862,000 sf
Term Loan
$53,000,000
Office
Brookhaven, GA
395,530 sf
Construction Loan
$160,000,000
Office
Houston, TX
585,636 sf
Permanent Loan
$41,000,000
Office
Baltimore, MD
216,896 sf
Construction Loan
$60,000,000
Office
Seattle, WA
180,000 sf
Term Loan
$21,515,000
Office
Columbia, MD
193,000 sf
Permanent Loan
$45,000,000
Office
College Park, MD
240,160 sf
Mixed Use
Construction Loan
$50,000,000
Mixed Use
Mountain View, CA
583,000 sf
HTC Equity
$11,081,370
Mixed Use
Rochester, NY
96 units
39,112 sf retail & office
Term Loan
$36,360,000
Mixed Use
Memphis, TN
Auburn, PA
Ashland, VA
Richmond, VA
Robbinsville, NJ
Holland, MI
967,000 sf total
Construction Loan
$68,235,499
Mixed Use
Oak Park, IL
270 units
24,770 sf retail
Retail
Permanent Loan
$35,000,000
Retail
Hillsboro, OR
211,113 sf
Construction Loan
$34,357,000
Retail
Louisville, KY
240,000 sf
Term Loan
$21,500,000
Retail
Secaucus, NJ
118,000 sf
Permanent Loan
$79,585,000
Retail
Chino, CA
339,706 sf
Transactions
Revolver & Term Loan
$1,300,000,000
Joint Lead Arranger
July 2017
Term Loan
$85,000,000
Joint Lead Arranger
July 2017
Revolver & Term Loans
$1,400,000,000
Joint Lead Arranger
July 2017
Term Loan
$250,000,000
Joint Lead Arranger
June 2017
Term Loan
$200,000,000
Joint Lead Arranger
April 2017
Revolver
$3,000,000,000
Joint Lead Arranger
April 2017
Term Loan
$225,000,000
Joint Lead Arranger
April 2017
Revolver
$600,000,000
Joint Lead Arranger
March 2017
Term Loan
$250,000,000
Joint Lead Arranger
February 2017
Revolver & Term Loan
$450,000,000
Joint Lead Arranger
February 2017
Revolver
$2,250,000,000
Joint Lead Arranger
February 2017
Revolver & Term Loan
$1,400,000,000
Joint Lead Arranger
February 2017
Transactions
Ginnie Mae
$1,023,602
Multifamily
Stowe Township, PA
CMBS
$7,000,000
Ground Lease
Livermore, CA
Ginnie Mae
$1,445,424
Multifamily
Cincinnati, OH
Bank
$3,500,000
Office
Jersey City, NJ
Ginnie Mae
$2,396,498
Multifamily
Leonardtown, MD
CMBS
$5,250,000
Retail
Goshen, IN
Ginnie Mae
$5,384,381
Multifamily
Detroit, MI
CMBS
$4,200,000
Retail
Phoenix, AZ
Ginnie Mae
$1,250,053
Multifamily
Wyoming, MI
CMBS
$11,300,000
Office
Davie, FL
Ginnie Mae
$1,799,367
Multifamily
Springfield, TN
CMBS
$10,935,000
Office
Houston, TX
Syndications
PNC has served as:
- Administrative Agent and Joint Lead Arranger for a $225 million term loan and a $500 million revolving credit facility on the West Coast in May 2018.
- Administrative Agent and Sole Lead Arranger for a $103 million multifamily construction loan in Washington, D.C. in April 2018.
- Administrative Agent and Sole Lead Arranger on a $72.7 million multifamily construction loan in Washington, D.C., in March 2018.
- Administrative Agent and Sole Lead Arranger on a $91 million multifamily construction loan in Fort Lauderdale, Florida, in January 2018.
- Administrative Agent and Joint Lead Arranger on a $112 million construction loan to build a multifamily project in the Greater New York City market. The deal closed in December 2017.
- Administrative Agent and Joint Lead Arranger on a $400 million secured term loan for the refinance of existing debt on multiple office buildings in the greater Los Angeles metro area in December 2017.
Treasury Management
PNC has tailored these solutions and more:
- Having built an excellent credit relationship with an industrial real estate company, PNC was invited to review the company’s treasury management services. PNC was able to take the company’s multiple banking partners and consolidate them into one platform, helping ease the administrative burden.
- Shared servicing is a growing trend in real estate. A hospitality group recently engaged PNC for check outsourcing services through their shared service provider. The decision was made in part due to PNC’s service reputation. PNC’s solution will not only help streamline their business processes but also allow the shared service provider to help streamline theirs as well.
- In the midst of a transition, new management of a multifamily client asked PNC Real Estate to set up a card program. Now property managers can expense their travel and property-level expenditures when moving from site to site. The client found that the card program was easy to implement, and the number of transactions is growing each month. As a result, revenue sharing with the client will increase on an annual basis.
- In order to earn interest on excess funds, a client based in Canada requested a new Money Market account from the PNC Real Estate team. The client manages the account through PNC’s online banking platform, PINACLE®, from outside North America and is able to earn a competitive rate and access their funds at any time.
- In one recent deal, PNC demonstrated our understanding of our client’s liquidity needs and the stability of our client’s deposits. As a result, we agreed on a negotiated rate, which was beneficial to both PNC and the client and maintained $350 million in servicing deposits.
- Payment mix in real estate is constantly changing. With the introduction of real-time payments, real estate companies are reevaluating the payment types they offer to vendors. Recently, we provided a database for housing payment information for one client, which allowed them to offer a new payment option to vendors.
Derivatives
PNC has provided the following derivatives solutions:
- During the second quarter of 2018, PNC Bank, NA, provided a $69 million two-year forward starting swap for a historic office building in Ohio. PNC Real Estate had provided the acquisition and redevelopment financing, which included the conversion of 10 floors to multifamily units. The project benefits from Federal and State Historic Tax Credits. The client was satisfied with the ability to hedge its interest rate given the possibility of rising rates throughout the term of the loan.
- During the first quarter of 2018, PNC Bank, NA, successfully refinanced an industrial pool of assets, consolidating all the borrower’s debt into one 10-year loan. The consolidation of aggregate debt totaled $35 million and was secured by 43 single-tenant assets across the country. The transaction was structured so that 20% of the outstanding debt remained under a floating interest rate, while 80% of the outstanding debt is hedged under a 10-year swap through the duration of the loan. This structure provided the borrower with the flexibility to sell a portion of the assets without incurring breakage penalties that might be applicable if the obligation was fully hedged.
- In February 2018, PNC Bank, NA, provided $62 million in non-recourse secured refinancing for a 223,266 square foot Class A office property in California. The loan has a 10-year term and was swapped for an all-in rate of 4.04% for the duration of the loan.
- In December 2017, PNC Bank, NA, provided $70 million in non-recourse secured acquisition financing for a LEED Gold office building in the Midwest. The deal closed within a tight timeline of approximately 20 days. The loan has a seven-year term and was swapped for an all-in rate of 3.89% for the duration of the loan.
- PNC Bank, NA, participated in an interest rate swap transaction with a major REIT to fix the LIBOR portion of the interest rate on a $175 million seven-year term loan, which had closed previously in October 2017. PNC was a Joint Lead Arranger on the deal. PNC also participated in an interest rate swap transaction with the same REIT to fix the LIBOR portion of the interest rate on a $375 million, 4.5-year term loan, which had previously closed in October 2017.
- In May 2017, PNC Bank, NA, provided a $22 million forward swap for a hotel in Cincinnati, Ohio. PNC Real Estate had provided the construction financing, and the borrower wanted to take advantage of the low rate environment. The conversion of the construction loan to a seven-year term note closed in December 2017. The transaction successfully kept $22 million of term exposure on the books. The forward lock has proven to be beneficial to the customer, as rates have risen significantly since the rate was locked in May 2017.
View Our Office Locations
We have experienced real estate professionals and office locations across the country to serve you.
Main offices, plus additional local coverage:
Arkansas
Little Rock
California
Calabasas
Los Angeles
San Diego
San Francisco
Colorado
Denver
Washington, D.C.
Delaware
Lewes
Wilmington
Florida
Boca Raton
Georgia
Atlanta
Chicago
Indiana
Indianapolis
Kansas
Overland Park
Kentucky
Louisville
Massachusetts
Boston
Maryland
Baltimore
Michigan
Grand Rapids
Troy
Minnesota
Minneapolis
Missouri
St. Louis
North Carolina
Charlotte
Raleigh
New Jersey
East Brunswick
New York
New York City
Ohio
Cincinnati
Cleveland
Columbus
Oregon
Portland
Pennsylvania
Philadelphia
Pittsburgh
Tennessee
Nashville
Texas
Dallas
Houston
Important Information and Disclosures
PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). Bank deposit, treasury management and lending products and services are provided by PNC Bank, National Association, a wholly-owned subsidiary of PNC and Member FDIC. Foreign exchange and derivative products are obligations of PNC Bank, Member FDIC and a wholly owned subsidiary of PNC. Foreign exchange and derivative products are not bank deposits and are not FDIC insured, nor are they insured or guaranteed by PNC Bank or any of its subsidiaries or affiliates.
Results vary by organization and we cannot guarantee a particular level of results for your organization.
All performance, returns, prices or rates are for illustrative purposes only. Markets do and will change. Actual results will vary, and may be adversely affected by exchange rates, interest rates, or other factors.
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