PITTSBURGH – PNC Bank has acquired lending and servicing assets from TRI Capital Corp., a San Francisco-based provider of government-insured loans and the largest FHA multifamily lender in the western United States. Assets acquired include loans that have been closed but not distributed, unfounded commitments of loans and a modest amount of office equipment and space.
PNC Bank has developed a subsidiary, TRI Capital Co. LLC (TRI), to organize and take over lending assets once they are acquired from TRI Corp., and will originate multifamily loans after closing. Midland Loan Services Inc., a PNC Real Estate Finance company, will assist the corporation in moving the assets to TRI Co. Midland Loan also will develop the servicing portfolio of insured mortgages and service permanent loans originated by TRI Corp. after the closing has been concluded. Operations will continue as they were before the acquisition. The transaction is expected to be completed in the second quarter of 2001.