PNC MultiFamily Capital, a division of PNC Real Estate Finance, provided financing for the construction of Golden Pond Assisted Living, a new 85-bed assisted-living facility, to be built in Golden, Colo. The $8.15 million loan will be insured through the Federal Housing Administration's (FHA) Section 232 Senior Housing program.
PNC MultiFamily Capital provided the loan to owner Golden Pond, L.L.C. The deal includes a 12-month construction loan and a 40-year permanent loan, both at a fixed interest rate of 4.875. Project reserves include a lease-up reserve of $265,000. Golden Pond Assisted Living will feature a 15-bed secured dementia section, eight Medicaid-underwritten beds and have an average room size of 472 square-feet.
"PNC MultiFamily Capital is proud to be a part of this project that benefits the Golden community, offering senior residents additional housing options," said John Raycraft, vice president of PNC MultiFamily Capital. "The facility will provide a quality housing option for seniors in their own community, should the need arise. The owners of this new facility receive the benefit of a fixed rate, very low-interest rate loan for a full 40-year term."
Operating nationwide, PNC MultiFamily Capital provides a wide array of services to the multifamily housing industry, including: tax-credit equity financing; construction financing; and permanent financing products for both conventional and affordable multifamily housing (featuring FHA and Freddie Mac lending programs). With employees and offices across the country, PNC MultiFamily Capital is a nationally recognized, established source of financial services for the multifamily housing industry, particularly affordable and senior housing.
PNC Real Estate Finance specializes in financial solutions for the acquisition, development, permanent financing and operation of commercial real estate nationally. A member of The PNC Financial Services Group, Inc., PNC Real Estate Finance offers treasury and investment management, access to the capital markets, commercial mortgage loan servicing and other products and services to clients that develop, own, manage or invest in commercial real estate.
The PNC Financial Services Group, Inc. (NYSE: PNC), headquartered in Pittsburgh, is one of the nation's largest diversified financial services organizations, providing regional community banking; wholesale banking, including corporate banking, real estate finance and asset-based lending; wealth management; asset management; and global fund services.
SOURCE: PNC MultiFamily Capital
CONTACT: Amy Vargo for PNC MultiFamily Capital, +1-412-762-1535, or
amy.vargo@pnc.com
Web site: http://www.pnc.com/
Company News On-Call: http://www.prnewswire.com/comp/701257.html
