CINCINNATI - PNC Real Estate Finance has made two loans totaling $26.3 million to GPI at Carmel LP to finance construction of The Retreat, a luxury residential project in Carmel, Ind., that will comprise 276 apartment and condominium units.

The unit of PNC Financial Services Group Inc. closed the first loan, for $13.3 million, in late April. The second loan closed a month later.

GPI is a holding company owned by Gibraltar Properties Inc. of Indianapolis, a developer.

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