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PCS Gets Funds for Apartment Projects

February 13, 2001

Los Angeles-based PCS Development Inc. said it obtained $46.1 million in permanent financing from New York-based Teachers Insurance and Annuity Assn. for three Southern California luxury apartment construction projects totaling 250 units.

The loan provides $20.1 million for the 100-unit Beverly Premiere in West Los Angeles, which PCS recently renovated, with the remaining $26 million for construction of the 80-unit Premiere Hills in Woodland Hills and the 70-unit Premiere Willis in Sherman Oaks.

The loan is PCS Development's largest financing to date, said Paul Jennings, president and chief executive of the 6-year-old company, which was represented in loan negotiations by Buchanan Street Partners of Newport Beach. TIAA was represented by Churchill Mortgage Corp.

PCS is a developer and owner of apartment properties, with assets valued at more than $200 million. TIAA is one of the nation's largest institutional investors and manages assets of more than $260 billion, including $27 billion in commercial mortgage financings and real estate equity.

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