PITTSBURGH - PNC Financial Services Group Inc. has reorganized its real estate finance businesses.
The banking company has moved its commercial mortgage conduit, which makes loans for securitization, from its Midland Loan Services unit to its income property lending group.
The conduit, formerly known as Midland Commercial Funding, now reports to senior vice president Andrew Siwulec, who was named head of income property lending.
Midland Loan Services, which PNC acquired in 1998, will now focus exclusively on its other businesses: servicing commercial mortgages and managing foreclosed properties. Douglas Danforth will continue as president of the Kansas City, Mo., unit.
Senior vice presidents Jim Mendelson and Mike Schitzer were put in charge of the institutional group. Donald Giffen, also a senior vice president, remains head of affordable-housing finance.
Michael J. Hannon, president of PNC Real Estate Finance, said the changes will "bring greater focus to the products and services each group offers clients."