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
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
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.
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.
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%.
View Our Office Locations
We have more than 1,000 experienced real estate professionals in 30 office locations across the country to serve you.*
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Little Rock
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Washington, D.C.
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Boca Raton
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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.
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