TODAY’S DEALS: PNC Provides $278.9M in Financing to Three Multifamily Properties, and Other Transactions
- Jan 27, 2009
By Anuradha Kher, Online News EditorJersey City, N.J., Spokane Valley, Wash. and Herriman, Utah–PNC has recently completed financing totaling $278.9 million, either arranged or provided by its real estate businesses, for three projects including the Monaco North Urban Renewal LLC, Whimsical Pig Apartments and Farmgate Apartments at Midas Creek. PNC Real Estate Finance arranged a three-year, $214 million construction loan to Monaco North Urban Renewal LLC, a joint venture between Roseland Property Co., Prudential Insurance Co. of America, Garden State Development Inc. and Hartz Mountain Industries Inc. Roseland Property Co., an urban residential and mixed-use development firm based in Short Hills, N.J., is the developer for this venture. The facility, which builds on an existing banking relationship, will be used for the construction of the Monaco, a 524-unit luxury apartment complex located on Washington Boulevard in Jersey City, N.J. PNC ARCS provided a $16 million loan for the Whimsical Pig Apartments, a 272-unit garden-style property in Spokane Valley, Wash. The refinancing loan was for a seven-year term/interest-only at a rate of 6.02 percent. PNC ARCS originated the loan through Freddie Mac.PNC MultiFamily Capital provided a $48.9 million new FHA-insured construction/permanent loan for the Farmgate Apartments at Midas Creek, a 496-unit mixed-income residential property located in Herriman, Utah. This project, part of a larger planned unit development, is a joint venture between Murray, Utah-based Miller Development Co. and Herriman Apartment Associates LLC. Financing was provided under HUD 221(d)(4), with an interest rate of 6.68 percent.NorthMarq Capital Arranges $7.12M Mortgage for 165-Unit Rental CommunityBillings, Mont.–NorthMarq Capital’s Minneapolis regional office recently arranged first mortgage financing of $7.12 million for Castlerock Estates, a 165-unit multifamily property, located in Billings, Mont. Financing was arranged for the borrower through NorthMarq’s seller-servicer relationship with Freddie Mac.Arbor Closes $2,125,000 Fannie Mae DUS Loan for Bret Block PortfolioCollege Park, Ga.–Arbor Commercial Funding LLC recently completed funding of a $2,125,000 loan under the Fannie Mae DUS product line to refinance the four-property, 69-unit Bret Block portfolio, located in College Park, Ga.The 10-year loan amortizes on a 30-year schedule and carries a note rate of 6.26 percent.