Finance Lending
PNC Finances $354M for Trio of California Projects
Aug 19, 2008
By: Adam Perrotta, News Writer

PNC has provided a total of $354.4 million in financing to three separate projects in California.

In the largest financing, PNC subsidiary PNC Real Estate Finance extended a $300 million term/construction loan to Macerich for the expansion of The Oaks, a high-end retail center in Thousand Oaks, Calif. PNC was the lead syndicator on the loan, with seven other institutions providing the remainder of the financing.

In another deal, PNC ARCS--a multi-family lending arm of PNC Real Estate--funded a $34.5 million loan for the purchase and rehabilitation of Woodsong Apartments, a 262-unit garden-style apartment complex in Rancho Cucamonga, Calif. Freddie Mac originated the five-year term/interest only loan at a rate of 6.16 percent.

Finally, PNC MultiFamily Capital, which specializes in providing equity and debt financing to affordable housing projects, provided $19.9 million in Low Income Housing Tax Credit equity financing to Advanced Development and Investment Inc. for the development of Glendale City Lights. The project, a 68-unit affordable housing apartment complex in Glendale, Calif., will include one- and two-bedroom units for tenants earning between 30 and 60 percent of the median income for the region.

PNC Real Estate Finance, PNC MultiFamily Capital and PNC ARCS are all members of The PNC Financial Services Group, one of the nation’s largest financial services firms.

 
Recent Lending Headlines
Education Realty Nabs $222M
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Student housing REIT Education Realty Trust Inc. has closed a $222 million secured credit facility, courtesy of Fannie Mae DUS lender Red Mortgage Capital Inc., and is wasting precious little time making use of the proceeds.
Emeritus Closes Refi Deal, Extends $73M Debt
Jan. 05, 2009
Assisted living and Alzheimer's care facilities provider Emeritus Corp. capped the end of the year by ensuring there would be no material maturities hanging over its head in 2009. The company wrapped up the $36.3 million refinancing of seven properties through Freddie Mac, a move that allowed it to pay down and extend an existing debt with Capmark.
3Q GDP Down, 4Q Expected to Be Worse
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The quarterly report by the U.S. Department of Commerce on the national GDP is something of a lagging indicator. The fact that the U.S. economy contracted 0.5 percent in the third quarter--July to September--might be worrisome, but it only raises the further question of how much contraction will happen in the fourth quarter.
paulson A Bailout for Commercial Real Estate?
Dec. 22, 2008
"Right now, we believe there is insufficient systemic capacity to refinance expiring, performing commercial real-estate loans," reads a letter from a dozen commercial real estate trade groups to Treasury Sec. Henry Paulson, according to the Wall Street Journal this morning. In other words, the commercial side of the business, long perceived as relatively healthy compared with the residential side, is warning of dire straits ahead unless refinancing money is available in the near future.
CMBS Delinquencies Speeding Up: Fitch
Dec. 22, 2008
Back in January 2008, long before the capital markets took their astonishing twists, Fitch Ratings made a sobering prediction: By the end of the year, its CMBS loan delinquency index would be double or triple the 0.28 percent recorded at the end of 2007. Fitch’s crystal ball turned out to be right on the money. On Friday the ratings agency reported that CMBS delinquency reached 0.64 percent for November. At this pace, Fitch projects that CMBS delinquencies could hit 2 percent by the end of 2009.
 
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