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
7-Year Term Loan
$300,000,000
Joint Lead Arranger
July 2022
7-Term Loans
$425,000,000
Joint Lead Arranger
July 2022
Term Loan
$400,000,000
Joint Lead Arranger
July 2022
Revolver & Term Loan
$850,000,000
Joint Lead Arranger
July 2022
Revolver & Term Loan
$2,150,000,000
Joint Lead Arranger
July 2022
Revolver
$1,200,000,000
Joint Lead Arranger
July 2022
Revolver & Term Loan
$2,050,000,000
Joint Lead Arranger
June 2022
Revolver & Term Loan
$850,000,000
Joint Lead Arranger
June 2022
7-Year Term Loan
$750,000,000
Joint Lead Arranger
June 2022
Revolver
$600,000,000
Joint Lead Arranger
June 2022
Revolver & Term Loan
$1,050,000,000
Joint Lead Arranger
June 2022
Revolver & Term Loan
$1,300,000,000
Joint Lead Arranger
May 2022
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 $225 million secured term loan backed by a retail center in July 2022.
- Administrative Agent and Lead Arranger on a $1.2 billion unsecured revolver for a multi-family REIT in July 2022.
- Administrative Agent and Lead Arranger on a $83.5 million secured construction loan backed by a multi-family property in June 2022.
- Administrative Agent and Lead Arranger on a $130 million secured construction loan backed by senior housing property in June 2022.
- Administrative Agent and Lead Arranger on a $900 million unsecured revolver and term loan facility for an open-ended real estate fund in June 2022.
- Administrative Agent and Lead Arranger on a $298.3 million secured term loan backed by a portfolio of multi-family properties in April 2022.
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:
- Village Penasquitos, LP (Relationship Manager: Christian Hicks; DPG Marketer: Rick Pierce)
In July 2021, PNC worked with a private real estate developer to execute a term sheet for a 10 Year $75mm term loan used to refinance a non-PNC provided construction loan for a 276-unit apartment development. The client, concerned with the possibility of rate volatility occurring in between term sheet execution and loan closing, asked PNC for solutions to fix the rate on the loan prior to an anticipated loan closing in October 2021. PNC’s Derivative Product Group structured and executed a 3 month forward 10 year interest rate swap fixing the rate on the term loan ahead of the anticipated October 2021 loan closing. The swap was executed unsecured, with a guaranty from the sponsor that dropped away at loan closing as the swap became secured by the underlying real estate asset.
- Mead HD Builder, LLC & Mead Investors 1, LLC (Relationship Manager: Mike Muldowney; DPG Marketer: Alec Brown)
In December 2021 PNC and a private real estate sponsor executed a term sheet for PNC to provide a $42.55mm 20 month construction loan followed by a 10 year mini-perm loan to develop a 386,000 build-to-suit distribution facility. The distribution facility will be leased to a tenant with an initial lease of 20 years beginning at project delivery. As markets began to anticipate inflation and expected Federal Open Market Committee rate hikes, the client engaged PNC’s Derivative Products Group to mitigate their long term interest rate risk over the full 20 year lease. DPG was able to structure a forward starting swap, effective at anticipated deliver date, maturing at the expected lease maturity with the client owning the right to cancel the swap for no cost at the expected mini-perm loan maturity date. This solution provided the client interest rate certainty through their lease maturity in the face of rising interest rates, while also providing flexibility for refinancing options at the mini-perm maturity date.
- Eathial, LLC (Relationship Manager: Virginia Masek; DPG Marketer: Rick Pierce)
In July 2021, PNC and a private real estate developer closed a $46.5mm 10 year term loan used to refinance a PNC construction loan for a 245-unit multifamily project. Two months in advance of the refinance, the client engaged PNC’s Derivative Products Group to structure an interest rate swap solution that would fix the rate on their expected term loan using the current market environment. The swap was secured by a pledge of the underlying real estate asset.
- MEARF Secured Holdco, LLC (Relationship Manager: Mike Wiedman; DPG Marketer: Rick Pierce)
PNC serves as Administrative Agent and has $200MM committed to a $750MM Senior Secured Credit Facility for a pool of 21 income-producing office buildings. In February 2021, the client engaged PNC’s Derivative Products Group to execute a fixed rate swap, extending an existing hedge to the full 5Y maturity of the Term Loan portion of the Credit Facility. PNC was able to seamlessly execute the new swap and risk participate pro-rata portions to the client’s bank group, leading to a successful syndication of the interest rate swap.
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We have more than 1,100 experienced real estate professionals in over 43 office locations across the country to serve you.*
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* As of June 2, 2022
Important Information and Disclosures
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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