In any banking relationship, a bank’s ability to execute successfully on delivering a product or service to a client is essential. But when the business need goes beyond a simple transaction, there can be opportunities to develop the relationship into something that truly helps the business thrive. Such is the case with PNC and Ocean Atlantic Companies, a diversified residential and commercial real estate group headquartered in Rehoboth Beach, Delaware.
Need
Ocean Atlantic was looking to refinance PNC construction financing with permanent financing for Weston Willows, a multifamily development located in Georgetown, Delaware. Doing so involved navigating the complicated HUD 223(f) loan program to secure permanent financing.
Solution
Based on the longstanding relationship and collaborative approach, Ocean Atlantic felt comfortable turning to PNC to help navigate the challenging process. This was due largely to the full capabilities the bank was able to bring to the table, through both the Real Estate Banking and PNC Multifamily Capital teams.
“Through collaborative conversations, we were able to assure the leadership team at Ocean Atlantic Companies that PNC had the capacity and experience needed to help them beyond their initial need for an upfront advancement of credit with a construction loan,” said Bill Azzara, sales leader for PNC Real Estate Banking. “Bringing the PNC Multifamily Capital team to the table was critical in demonstrating our extensive experience with securing permanent financing and tackling the lengthy HUD process. Ultimately, they were confident we could guide Ocean Atlantic Companies toward a successful outcome.”
Results
With construction wrapping up through the PNC Real Estate Banking construction loan, the PNC Multifamily Capital team spent several months securing permanent financing through an FHA insured loan – an outcome that enabled Ocean Atlantic Companies to maximize both loan proceeds and future cash flow through a $48 million HUD 223(f) execution. PNC’s Treasury Management solutions also play a key role in supporting the company’s operational treasury processes.
“The key to success in this case came down to collaboration, beginning with fully understanding the breadth of Ocean Atlantic Companies’ needs and then showing up as one comprehensive banking team to find solutions,” said Kevin Justh, PNC Multifamily Capital senior originator. “Our ultimate goal at PNC is always to do more than just meet a specific borrowing need – we want to serve as a trusted advisor to help our clients succeed.”
Let's build your brilliant
PNC can work with you to develop strategies to help you manage issues related to market volatility and commercial real estate. For more information, reach out to your PNC Relationship Manager, or contact us.
