PNC Finances $354M for Trio of California Projects
- Aug 19, 2008
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.