TODAY’S DEALS: PNC Provides $127.1M in Financing for Three Real Estate Deals, and Other Transactions

By Anuradha Kher, Online News EditorGaithersburg, Md., Houston, Texas–PNC recently completed financing totaling $127.1 million to National Capital Properties III LP, Applied Development Co. and Cash Russell LLC. PNC ARCS provided a total of $82 million in financing to Washington, D.C.-based National Capital Properties III LP, an affiliate of Quadrangle Development Corp. for the acquisition of Fields Crossing and Shelburne Crossing, formerly Archstone Gaithersburg Apartments, located in Gaithersburg, Md. The two garden-style apartment communities total 648 units.PNC ARCS originated the loan through Fannie Mae.  In addition, the company provided a $25 million working capital line of credit to Applied Development Co. and arranged $20.1 million in total financing to Cash Russell LLC, for West Oaks Senior Apartments (pictured), a newly constructed 232-unit property in Houston, Texas. The financing consisted of a $7 million LIHTC equity investment and $13.1 million in permanent financing through a Freddie Mac Forward Commitment, which will enhance the permanent variable rate bonds and carry an 18-year term with an amortization of 35 years. West Oaks is comprised of three low-rise buildings featuring one- and two- bedroom units, targeting seniors age 55 and over at 60 percent of area media income.   Marcus & Millichap Provides $75M for Two MF PropertiesMiddletown, Conn.–Marcus & Millichap Real Estate Investment Services has arranged the sale of two Class A multifamily complexes located in Middletown, Conn. for $75 million, which represents $115,385 per unit.The 314-unit Chestnut Hill Apartments is located at 5 Town Colony Dr. and 336-unit Northwoods Apartments is situated at 1 Dove Lane. Both communities are pet-friendly community.Both properties feature amenities such as a clubhouse, business center, billiards room, library, tennis and racquetball courts, indoor Jacuzzi and large swimming pool, state-of-the-art fitness center. Arbor Provides Over $3M for 21-Unit RefiNew York, N.Y.–Arbor Commercial Funding LLC recently completed funding of a $3,086,500 loan under the Fannie Mae DUS Small Loans product line to refinance the 21-unit complex at 507 W. 139th St. in New York City’s Harlem neighborhood.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.29 percent.“Arbor was pleased to provide cash out refinancing to a first-time borrower in the Washington Heights area of Manhattan,” says Patrick McGovern, director, in Arbor’s New York lending office. “The additional proceeds will allow the borrower to invest in future opportunities in the area.”