TODAY’S DEALS: PNC Originates Over $50M in Financing for 7 MF Properties, and Other Transactions

By Anuradha Kher, Online News EditorTexas, Fla., Calif.–PNC has arranged a combined total of $51.4 million in financing for seven multifamily properties located in Texas, Florida and California, including acquisition financing for two healthcare facilities utilizing the Federal Housing Authority’s (FHA) Section 232/223(f) LEAN program. PNC originated a combined $5.9 million in FHA Section 232/223(f) financing for the acquisition of two Tampa, Fla.-based assisted living facilities operated by the Lighthouse Health Care Group, including the 20-bed Adam’s House and the 30-bed At Home With Friends. FHA Section 232/223(f) provides mortgage insurance for the refinancing or purchase of residential care facilities, including skilled care and assisted living facilities.  In addition, PNC sourced Fannie Mae DUS refinancing loans totaling $14.1 million the Venetian Apartments, a 264-unit garden style community, and The Richland Apartments, featuring 192 garden-style units, both located in San Antonio. PNC also originated $31.4 million for three Fannie Mae DUS financing transactions, including $21.1 million in refinancing for the 240-unit Ironwood Apartments in Livermore, Calif.; $5 million in acquisition financing for the Eagles Nest Apartments, a 226-unit property located in San Antonio; and $5.3 million in refinancing utilizing Fannie Mae’s Small Mortgage Loan product for Los Robles Apartments, a 49-unit property in Sylmar, Calif. CPC, HPD Provide $1.69M in Construction and Permanent Loan for Renovation of 5-Story Affordable Housing ProjectNew York–The Community Preservation Corporation (CPC) and the New York City Department of Housing Preservation & Development (HPD) have jointly provided a $1.69 million construction and permanent loan, for the gut renovation of a five-story rental building in the East Harlem section of Manhattan. The property, located at 10 East 132nd Street between Madison and 5th Avenues, currently features 15 small two-bedroom units, which will be reconfigured into one 455-sq.-ft. studio unit and nine 708-sq.-ft. two-bedroom apartments. Additional improvements will include plumbing and electric upgrades, installation of new kitchens and bathrooms, new heating system and a new roof and joist replacement. Financing for this renovation includes a $554,210 construction and permanent loan from CPC and $1.14 million in funds provided by HPD. “Through our collaboration in affordable housing projects with HPD over the years, we have been able to provide substantial funding for new housing units and financing for much needed renovations to existing buildings that have helped restore and revitalize some of our city’s most neglected neighborhoods,” says Bruce Dale, senior vice president and regional director of CPC’s Bronx/Manhattan office.  Currently two of the units are occupied. Those tenants will be temporarily relocated during construction. Monthly rents have been set by HPD at $700 for the studio and $1,300 for the two-bedroom units, which are below market-rate.