PITTSBURGH - PNC Bank, a subsidiary of PNC Financial Services Group Inc., announced Tuesday that it has agreed to buy lending and servicing assets from TRI Capital Corp., which specializes in government-insured mortgage loans for affordable multifamily and senior citizen housing.
Terms of the deal, which is expected to close this quarter, were not disclosed. San Francisco-based TRI Capital arranges financing for FHA- and Freddie Mac-sponsored loans. Last year the company originated over $250 million in mortgage financing involving 4,000 rental units. It services more than $1.8 billion in government-insured or conforming multifamily mortgages.
PNC Bank has formed a subsidiary, TRI Capital Co. LLC, that will buy the lending assets from TRI Capital and originate multifamily loans. Midland Loan Services Inc., a subsidiary of PNC Real Estate Finance, will purchase the servicing portfolio and will service permanent loans originated by TRI Capital Co.