The company has 10 U.S. origination offices and has focused on the agency loan market for the past decade. ARCS originated more than $2.1 billion of loans in 2006 and services a portfolio of approximately $13 billion. Terms of the deal were not disclosed.
PNC said that ARCS will provide the bank with a complementary customer base and expertise, particularly in financing plans for multifamily dwellings. "Multifamily housing is one of the largest lending sectors in commercial real estate, and agencies are leading providers of permanent financing products for market rate and affordable multifamily projects," said William S. Demchak, PNC vice chairman and head of Corporate & Institutional Banking in a statement.
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