TODAY’S DEALS: PNC Arranges $101M Fannie Mae Dus Refi Loan, and Other Transactions
- Apr 20, 2009
By Anuradha Kher, Online News EditorPittsburgh–PNC recently arranged Fannie Mae DUS refinancing totaling $101.9 million by two of its real estate businesses for multiple Associated Estates Realty Corp. properties, along with St. Mary’s Villa Apartments, Mountain View Estates and Convict Hill Apartments. Red Mortgage Capital Inc., now a part of PNC, provided Fannie Mae DUS refinancing loans totaling $54.4 million for Courtney Chase (pictured), a 288-unit complex located in Orlando, Fla., Steeplechase at Shiloh Crossing, consisting of 264 units in Avon, Ind. and Saw Mill Village Apartments with 340 units in Columbus, Ohio. In addition, Red provided Fannie Mae DUS financing in the amount of $23.2 million for St. Mary’s Villa Apartments, a 360-unit complex located in Newark, N.J., sponsored by Forest City Enterprises Inc. The refinance loan was structured as a conventional Fannie Mae DUS execution. PNC ARCS, LLC, provided $24.3 million in two Fannie Mae DUS refinancing transactions. PNC ARCS provided $15.1 million for Mountain View Estates, a 156-unit manufactured housing community in Canoga Park, Calif., and $9.2 million for the Convict Hill Apartments, a 200-unit garden style property in Austin, Texas. Walker & Dunlop Closes $58.5M Permanent Loan for 154-Unit Student Housing CommunityPhiladelphia–Walker & Dunlop provided a $58,500,000 Fannie Mae loan for The Radian located in Philadelphia. The loan was structured with a five-year term, two-years interest only and a 30-year amortization. The loan was underwritten to a 65 percent loan-to-value with a 1.40x debt-service coverage ratio. The Radian is a 14-story, 154-unit student apartment building and retail center located within walking distance to the University of Pennsylvania campus. Property amenities include a fitness center, community rooms, controlled-access bike room, Internet cafe with a coffee bar in the lobby and a two-story student lounge with a walk-out terrace. The apartment units were 100 percent leased at closing.