PNC Financing Polishes a Gem of a Building
Built in 1916, the Daniel Herrman Courthouse in Wilmington, Delaware, is a gem of a building. But after ten years of vacancy, it needed a lot of polishing. PNC provided the $27.8 million construction loan that enabled developer Pettinaro Enterprises to transform it into 200,000 sq ft of prime office space.
Pettinaro already had a lease in hand when they began to seek financing. One of Delaware's largest law firms had agreed to take 100% occupancy of the neoclassic building. However, the developer's incumbent bank had neither the experience nor the strength to handle the transaction.
New Castle County, where the Recovery Zone Facility Bond program is administered, referred Pettinaro to PNC. The transaction was so attractive that PNC decided to retain the bonds, a decision that saved the developer money and further cemented the relationship.
PNC Capital Markets LLC acted as co-lead arranger for the increase and extension of the revolver. PNC Bank, National Association serves as the administrative agent.
In addition to the bonds, PNC provided a taxable note, a business checking account and an investment account.
The high profile deal sent a message to the local business community that PNC is a serious player in the market and a capable collaborator for large commercial real estate transactions.