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
dc hyatt American Realty Advisors Provides Equity for Grand Hyatt Washington Recapitalization
Nov. 21, 2008
American Realty Advisors has provided preferred equity financing to an affiliate of Quadrangle Development Corp. for the recapitalization of the Grand Hyatt Washington, D.C. The investment was executed on behalf of one of American’s separate account clients.
Financial Market Update-More Grim News on Employment Front
Nov. 20, 2008
Jobless claims are at their highest level in 16 years, according to the U.S. Department of Labor. For the week ended Nov. 15, initial claims for state unemployment insurance benefits were 542,000. The four-week moving average of new jobless claims also rose, from 490,750 last week to 506,500, which was the highest in 25 years.
Financial Market Update-Big 3 Continue to Angle for Aid
Nov. 19, 2008
The bosses of the Big Three automakers, who are facing the prospect of being bosses of the Not-So-Big-Three anymore, came before Congress today to beg, "Please, sir, can I have some more?" As in more loans to stay afloat, besides the $25 billion already committed to retool to build fuel-efficient cars.
$334M in Commercial Mortgages are Likely to Default, Bank of America Buys Stake in China Construction
Nov. 19, 2008
While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels, offices and shopping malls tumbled Tuesday on worries that the long-feared rise in defaults for commercial mortgage-backed securities had begun, possibly ushering in the next phase of the financial crisis, according to the Wall Street Journal.
Boston Properties Closes $375M Financing of Four Embarcadero Center
Nov. 19, 2008
Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by a syndicate of life insurance companies and bears interest at a fixed rate of 6.10 percent annum.
 

 

REal Talk with Adam Perrotta-Thursday
November 20, 2008
Even in today's roiled industry waters, opportunities continue to exist for those with the know-how and perspective to take advantage of new areas. CB Richard Ellis Inc.'s new distressed assets group looks to be one such example. Given the current...

STAG Capital Kicks Off Industrial Fund with Anticipated $1.3B Buying Power
November 19, 2008
By Barbra Murray, Contributing Editor -- Boston-based STAG Capital Partners has initiated STAG Investments V L.P., a fund targeting commitments of $400 million for the acquisition of predominantly high-yield single-tenant industrial properties across the country. The newly launched fund marks...

Boston Properties Closes $375M Financing of Four Embarcadero Center
November 19, 2008
By Gail Kalinoski, Contributing Editor-- Using the proceeds to pay down its unsecured line of credit, Boston Properties Inc. has closed on an eight-year, $375 million loan secured by Four Embarcadero Center in San Francisco. The loan was provided by...

Gaylord Nixes Plans for $1B San Diego-Area Resort
November 19, 2008
By Adam Perrotta, News Writer-- Tennessee-based Gaylord Entertainment has pulled out of a plan to develop a $1 billion resort in Chula Vista, Calif., but the firm claims the project's abandonment was not caused by the frozen debt markets that...

$334M in Commercial Mortgages are Likely to Default, Bank of America Buys Stake in China Construction
November 19, 2008
By Tonie Auer, Contributing Correspondent-- While Wall Street rebounded Tuesday in another turbulent session as investors rushed back into the market after the Standard & Poor's 500 index tested a 2003 low, the market for debt used to finance hotels,...

Management Matters with Mike Myatt; Web 3.0
November 20, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --As quickly as Web 2.0 arrived, it is being overcome by the next generation of digital applications and toolsets. Moreover, the need for broader understanding as to how to implement a more sophisticated...

Management Matters with Mike Myatt: Teach Them to Fish
November 14, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --Do you feed your employees, or do you teach them how to fish? Do you like to swoop in and save the day? Do you see yourself as the white knight that can...

Management Matters with Mike Myatt: Good Employees Are Not Expendable
November 07, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --Good employees are not expendable. As a CEO running a company during tough economic times, if your strategy to survive the economic downturn is to implement a slash and burn approach to cost...

Management Matters with Mike Myatt: Surviving the Economic Downturn
October 17, 2008
By: Mike Myatt, Chief Strategy Officer, N2growth --As odd as it may sound, if you want to survive the economic downturn, increase your marketing expenditures. If you're the short-sighted CEO who cuts back on marketing, branding, and advertising budgets in...

Management Matters with Mike Myatt: Are Recruiters Effective?
October 10, 2008
By Mike Myatt, Chief Strategy Officer, N2growth --Sourcing tier one talent is an issue for all businesses. I was recently asked if recruiters are effective, or if they're worth the investment. Since my firm has a talent management practice which...