{"id":1003935007,"date":"2009-01-28T12:00:00","date_gmt":"2009-01-28T20:00:00","guid":{"rendered":"https:\/\/64.70.41.235\/2009\/01\/28\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\/"},"modified":"2022-12-04T03:17:23","modified_gmt":"2022-12-04T11:17:23","slug":"pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\/","title":{"rendered":"PNC Stays Active in Turbulent Times, with Deals Like $214M for Jersey M-F"},"content":{"rendered":"<p>Despite the turbulent times, big real estate loans are still being made and Pittsburgh-based PNC is among those that are actively doling out financing. PNC Real Estate Finance has arranged a $214 million construction loan for The Monaco, a luxury apartment project in Jersey City, N.J., with PNC Capital Markets L.L.C. leading the syndication of the deal with six other banks.   Monaco North Urban Renewal L.L.C.&#8211;a joint venture involving Roseland Property Co., Prudential Insurance Co. of America, Garden State Development Inc. and Hartz Mountain Industries Inc.&#8211;was the recipient of the three-year loan. Roseland is the developer for the joint venture project, which broke ground in December. The Monaco was originally conceived as a condominium property, but as the condo craze fizzled, the concept was switched to apartments. Upon completion, the development will feature the 281-unit Monaco South tower and the 243-unit Monaco North tower. The property will also offer underground parking accommodations for approximately 500 vehicles, as well as ground-level retail space totaling 12,300 square feet.   Given the status of the apartment market in New Jersey, PNC&#8217;s loan to Monaco North Urban can be viewed as a good risk. While the apartment vacancy rate in the state is expected to increase due to continued employment losses, it will still only reach 4.8 percent, Marcus &amp; Millichap Real Estate Investment Services forecasts in its 2009 National Apartment Report.     Two other newly announced PNC transactions indicate that the company&#8217;s faith in the apartment market is hardly limited to the Garden State. PNC MultiFamily Capital provided joint venture partners Miller Development Co. and Herriman Apartment Associates L.L.C. with a $48.9 million FHA-insured construction\/permanent loan for the Farmgate Apartments at Midas Creek, a mixed-income residential project in Herriman, Utah. And in Spokane Valley, Wash., PNC ARCS originated a $16 million loan through Freddie Mac for the refinancing the 272-unit Whimsical Pig Apartments. National apartment fundamentals, according to the Marcus &amp; Millichap report, have been the most stable of any commercial property sector throughout the real estate downturn.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Despite the turbulent times, big real estate loans are still being made and Pittsburgh-based PNC is among those that are actively doling out financing. PNC Real Estate Finance has arranged a $214 million construction loan for The Monaco, a luxury apartment project in Jersey City, N.J., with PNC Capital Markets L.L.C. leading the syndication of&hellip;<\/p>\n","protected":false},"author":1314,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[],"class_list":["post-1003935007","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PNC Stays Active in Turbulent Times, with Deals Like $214M for Jersey M-F - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"PNC Stays Active in Turbulent Times, with Deals Like $214M for Jersey M-F\" \/>\n<meta property=\"og:description\" content=\"Despite the turbulent times, big real estate loans are still being made and Pittsburgh-based PNC is among those that are actively doling out financing. PNC Real Estate Finance has arranged a $214 million construction loan for The Monaco, a luxury apartment project in Jersey City, N.J., with PNC Capital Markets L.L.C. leading the syndication of&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2009-01-28T20:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-04T11:17:23+00:00\" \/>\n<meta name=\"author\" content=\"the Editors of Commercial Property Executive\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\\\/\"},\"author\":{\"name\":\"the Editors of Commercial Property Executive\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/1d2a393e4a57d6d45707374e94ab4fef\"},\"headline\":\"PNC Stays Active in Turbulent Times, with Deals Like $214M for Jersey M-F\",\"datePublished\":\"2009-01-28T20:00:00+00:00\",\"dateModified\":\"2022-12-04T11:17:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\\\/\"},\"wordCount\":351,\"commentCount\":0,\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/pnc-stays-active-in-turbulent-times-with-deals-like-214m-for-jersey-m-f\\\/\",\"name\":\"PNC Stays Active in Turbulent Times, with Deals Like $214M for Jersey M-F - 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