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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
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 Sole Lead Arranger on a $68.3 million secured construction loan backed by multifamily assets in November 2018.
- Administrative Agent and Sole Lead Arranger on a $750 million term loan and revolving facility for a real estate fund focusing on office properties in December 2018.
- Administrative Agent and Sole Lead Arranger on a $250 million unsecured revolving credit facility for a real estate fund focusing on multifamily assets in October 2018.
- Administrative Agent and Sole Lead Arranger on a $94.5 million term loan secured by a pool of self-storage assets in August 2018.
- 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.
Treasury Management
PNC has tailored these solutions and more:
- PNC provided automation of daily transaction and fee data to a large real estate client. This data will be integrated into the client’s new analytics platform to improve reviewing efficiency.
- Credit cards are becoming a successful tool for many of PNC’s multifamily clients in the Southeast. These cards are distributed to property managers to replace petty cash. By using PNC’s expense reporting system and automating the GL coding, these clients have been able to eliminate centralized billing systems and reduce the need to utilize cash.
- A multifamily developer and management company moved their business to PNC from another financial institution to take advantage of PNC's card program. PNC’s implementation specialists made the transition seamless. Now each segment of the client’s business — construction, student housing, commercial properties and multifamily — utilizes its own cards for purchasing needs.
- PNC established a new relationship with a commercial real estate investment firm based on the client’s favorable experience with PNC’s Treasury Management Real Estate group in a prior position. Our responsiveness and knowledge of the industry also played a major role in the decision. We subsequently established treasury management accounts and services to satisfy their immediate needs.
- 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.
Derivatives
PNC has provided the following derivatives solutions:
- In November 2018, PNC Bank, NA, provided $57.0 million in secured financing for the development of a luxury five-story, 749 beds (258 unit) purpose built student housing project adjacent to The University of Nevada at Reno. As Sole Lead Arranger and Administrative Agent, PNC syndicated $20.0 million of the facility. The construction loan has a 3-year term with two 12-month extensions.
- In December 2018, PNC Bank, NA, provided $57.4 million in secured financing for the development of 150,000 gross square feet self-storage facility in New York City. The construction loan has a 3-year term with two 24-month extensions. The Company was presented with several interest rate risk management strategies to hedge the construction loan and extension options. Ultimately, due to the relative shape of the yield curve, the Borrower entered into a 12-month forward interest rate swap for 91% of the facility through December 2023 with an all-in rate of 5.34%.
- In September 2018, PNC Bank, NA, provided $10.4 million in secured refinancing for a 301,000 square foot mixed-use property in Indiana. The loan has a 10-year term and was swapped for an all-in rate of 5.60% for the duration of the loan.
- In July 2018, PNC Bank, NA, provided $23.6 million in secured refinancing for a 224 room hotel in Michigan. The bridge loan has a 3-year term and the rate was capped at 5.25% for the duration of the loan.
- In June 2018, PNC Bank, NA, provided $15.9 million in construction and term financing for an 85,000 square foot industrial property in Texas. The loan has a 1-year construction period plus a 10-year amortizing period on which a forward starting swap was locked for an all-in rate of 4.86% during amortization.
- 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.
View Our Office Locations
We have approximately 1,000 experienced real estate professionals and more than 30 office locations across the country to serve you.*
Arkansas
Little Rock
California
Calabasas
Los Angeles
Newport Beach
San Diego
San Francisco
Colorado
Denver
Washington, D.C.
Florida
Boca Raton
Georgia
Atlanta
Illinois
Chicago
Indiana
Indianapolis
Kansas
Overland Park
Kentucky
Louisville
Massachusetts
Boston
Maryland
Baltimore
Michigan
Grand Rapids
Troy
Minnesota
Minneapolis
North Carolina
Charlotte
New Jersey
East Brunswick
New York
New York City
Ohio
Cincinnati
Cleveland
Columbus
Oregon
Portland
Pennsylvania
Philadelphia
Pittsburgh
Beaufort
Tennessee
Nashville
Texas
Dallas
Houston
Virginia
Tysons Corner
* As of December 31, 2018
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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