May 22, 2007 | Vol. 5 No. 10

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Volume 5 - Number 10 | May 22, 2007

TOP STORY: PNC Financial Services to Acquire ARCS Commercial Mortgage
By Sule Aygoren Carranza
PNC Financial Services Group Inc. has agreed to acquire ARCS Commercial Mortgage Co. LP of Calabasas Hills, CA in a deal scheduled to close sometime in the third quarter.

Mid-America Fund to Buy $500M in Sunbelt Assets
By Sule Aygoren Carranza
Mid-America Apartment Communities Inc. kicked off an investment vehicle, Mid-America Multifamily Fund I LLC. The fund will buy $500 million worth of apartment communities primarily in the Sunbelt in the next three years.

Q1 Numbers Fall Short of Expectations, Post May Be on Block
By Sule Aygoren Carranza
First quarter multifamily financial reports are slightly short of expectations. As a senior analyst with Bank of America, puts it, an expected recovery failed to materialize.

Data Points: Sales Slow, but Market, Capital Conditions Upbeat
By Sule Aygoren Carranza
Despite the slight slowdown in the economy, demand for rental apartment product remains strong. That's the consensus of 79 chief executive officers and other US senior executives of apartment-related companies who were questioned by the National Multi Housing Council.

HCPI, Ventas Continue Fighting After Deal Closes
By Joe Clements

Short Takes: ARA Expands into Utah Through Merger

Executive Moves: CBRE/New England Names New Investment Sales Leader

Recent Transactions: Brooklyn Condo Project Gets $100M Debt Package