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.

Property Types

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

REIT

Transactions

Term Loan
$150,000,000

Joint Lead Arranger
August 2018

5- & 7-Year Term Loans
$225,000,000

Joint Lead Arranger
August 2018

Revolver & Term Loan
$675,000,000

Joint Lead Arranger
July 2018

Term Loan
$900,000,000

Joint Lead Arranger
July 2018

Revolver & Term Loan
$600,000,000

Joint Lead Arranger
June 2018

Revolver
$350,000,000

Joint Lead Arranger
June 2018

Revolver & Term Loan
$700,000,000

Joint Lead Arranger
May 2018

Revolver & Term Loan
$1,100,000,000

Joint Lead Arranger
April 2018

7-Year Term Loan
$250,000,000

Joint Lead Arranger
March 2018

Revolver
$1,250,000,000

Joint Lead Arranger
March 2018

7-Year Term Loan
$225,000,000

Joint Lead Arranger
February 2018

Revolver
$3,500,000,000

Joint Lead Arranger
February 2018

PNC Real Estate Loan Referral Consultants

Transactions

CMBS
$8,137,500

Retail
Sanford, NC

CMBS
$74,600,000

Hotel Portfolio
WI

Ginnie Mae
$3,151,496

Multifamily
Chicago, IL

Ginnie Mae
$2,929,496

Multifamily
Chicago, IL

Ginnie Mae
$1,797,392

Multifamily
Thompsontown, PA

Ginnie Mae
$1,466,031

Multifamily
Cincinnati, OH

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

Syndications

PNC has served as:

Administrative Agent and Lead Arranger on a $150.0 million unsecured revolver for an industrial fund in September 2020.
Administrative Agent and Lead Arranger on a $122.0 million unsecured facility for a real estate company in September 2020.
Administrative Agent and Lead Arranger on a $500 million unsecured revolving credit facility for a homebuilder in June 2020.
Administrative Agent and Lead Arranger on a $400 million unsecured term loan for a retail REIT in May 2020.
Administrative Agent and Lead Arranger on a $775 million secured term loan backed by a portfolio of office properties in April 2020.
Administrative Agent and Lead Arranger on a $90 million secured term loan for a retail REIT in April 2020.
Administrative Agent and Lead Arranger on a $125 million secured construction loan backed by an office property in March 2020.
Administrative Agent and Lead Arranger on a $79.5 million secured construction loan backed by student housing properties in February 2020.

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Treasury Management

PNC has tailored these solutions and more:

A residential and commercial brokerage firm typically accepted fees from buyers at the closing table. In the new virtual closing world created by COVID-19, it became imperative to offer an online solution. The firm opted for PNC’s online payment portal to allow buyers to pay brokerage fees online via ACH or credit card.
When COVID-19 closed offices everywhere, a residential property manager in Philadelphia needed a quick way to manage payroll remotely. By quickly moving to ACH origination, the A/P team could process payroll from home while offering employees direct deposit. Fewer trips to the office and fewer checks in the mail allowed for both safety and efficiency in processing weekly payroll.
Facing the COVID-19 pandemic, a client determined that they wanted to eliminate the need for any employee to come into the office. They switched from remote deposit scanners to PNC Real Estate’s lockbox solution to deposit rent checks for all their properties without employee intervention. The client also eliminated physical checks and began processing all of their payments through ACH Credit Origination along with some wire transfers.
A large retail REIT issued a request for proposal for a $120 million card program which would comprise payables, travel and entertainment as well as Canadian capabilities. With a strong current relationship, proven customer service and card technology that incorporated both USD and CAD programs, PNC Real Estate won the deal.
Upon experiencing a fraudulent incident that spanned several months, a commercial real estate developer used PNC’s ACH fraud protection services. ACH Debit Block and Positive Pay helped them automatically reject unauthorized payment attempts.
A residential property manager frequently issued prepaid debit cards as rewards to staff and tenants. By switching to PNC’s prepaid card solution, they can now fund cards in real time and issue them on-the-spot, which they could not do through their previous supplier.
When a real estate investment trust embarked on an internal systems upgrade, PNC implemented a payables program to outsource their check writing and electronic payments processes, helping improve efficiency for nearly 30,000 payments annually.
A self-storage client needed to improve management of expenses for each location. PNC’s corporate purchasing card and expense reporting platform helped enable the property managers to submit monthly reports, allowing the client’s accounting staff to free up nearly 10 hours each month.
PNC helped analyze the rate of return on SWEEP balances for a retail-based REIT. After review, the client decided to add SWEEP automation to 31 accounts in order to achieve an improved rate of return.

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Derivatives

PNC has provided the following derivatives solutions:

In September 2020, PNC Real Estate closed on several credit facilities totaling $81.7 million to finance the construction and development of a mixed use project located at the new I-71 MLK Interchange in Cincinnati, Ohio. Ultimately, the Uptown Gateway project will include more than 400k sf of office, public parking and a hotel, with adjacent sites to include retail and residential projects as well. The total development plans are expected to create up to 7,000 full time jobs and transform the southwestern Ohio economy. The Derivative Products Group (DPG) was consulted to structure and execute two interest rate hedges: a seven year interest rate swap for the initial project costs funded in September, and a forward starting swap on the portion of the project that is expected to fund by March 2022. Despite the complexities of the Federal New Market Tax Credit structure and negotiations that were disrupted by the Covid-19 pandemic, PNC Real Estate and DPG delivered a solution that kept the development project on track.
In June 2020, PNC Real Estate agented a $43.1 million syndicated construction loan, with a 50% PNC hold, for a 345-unit multifamily development. Signed at the start of the COVID-19 outbreak, the deal included Freddie Mac financing and closed in a fast 66 days. The Derivatives Products Group (DPG) was engaged to help mitigate floating rate risk associated with this transaction. During underwriting, interest expense was forecast with the assumption that rates would rise over the term of the loan. The modeled rise in rates stressed the underlying transaction’s cash flow to a point where the lenders would require a reserve fund to cover potential interest costs. By using an interest rate cap, DPG was able to put an upper limit on modeled interest expense for the client and eliminated the need for a reserve fund.
In March 2020, PNC Real Estate worked with a private real estate developer to refinance 6 loans totaling $113 million in aggregate proceeds. With long-term interest rate benchmarks trading near all-time lows, the developer looked to PNC to provide a long-term interest rate hedging strategy relative to the 7 year tenor of the financing structures. The Derivative Products Group (DPG) provided the ability to execute a 30 year interest rate swap contract co-terminus with the underlying financing to provide the long-term interest rate certainty the developer desired. In addition, given the dynamic nature of interest rate markets throughout 2020 as a result of the COVID-19 pandemic, DPG was able to execute the interest rate swaps ahead of the loan closing to provide for a defined fixed interest rate on the various financing structures while capitalizing on then-current market conditions. The swaps were secured by a pledge of cash, which was then substituted for a pledge of real estate assets at loan closing.
In March 2020, PNC Real Estate served as joint lead on a $775 million syndicated term loan. PNC Bank was also joint lead swap provider for a 7-year swap on 100% of the term loan and engaged seven syndicate participants. Given the overall strategy of the funding and managing rate risk, PNC also terminated 18 outstanding swaps (of which nine included risk participations). In spite of the complexity of the existing debt and refinancing with the new term loan and swap, PNC delivered a seamless financing solution for the client.
In March 2020, PNC Real Estate executed a $59 million, 5-year term loan for a 100% occupied office property in Arizona. The client needed to take advantage of historically low interest rates while retaining the flexibility to repay in advance of loan maturity. PNC offered cancellable swap alternatives with the potential to meet that objective. The client selected an option allowing termination of the swap after 2 years without any swap breakage costs. The cancellable swap product provided this new PNC client with a competitive fixed rate and future prepayment flexibility.
In November 2019, PNC Capital Markets, LLC, served as joint lead arranger and PNC Bank, National Association, was co-syndication agent on a $712.96 million term loan that was used to finance the recapitalization of 60 medical office buildings nationwide totaling 2.86 million square feet. Initial funding under the loan of $642.96 million was hedged with an interest rate swap at an all-in rate of 3.0325%.

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^* As of December 31, 2019

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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Recent Transactions

Delivered for our Customers

Conventional Multifamily

Affordable Multifamily

Office

Mixed Use

Retail

Transactions

Transactions

Syndications

Treasury Management

Derivatives

View Our Office Locations

* As of December 31, 2019

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^* As of December 31, 2019