PNC to Buy ARCS Commercial Mortgage

The PNC Financial Services Group Inc., Pittsburgh, has announced an agreement to acquire ARCS Commercial Mortgage, Calabasas Hills, Calif.The terms of the agreement were not disclosed. ARCS, which has 10 origination offices in the United States, originated more than $2.1 billion of loans in 2006 and services approximately $13 billion of loans, PNC said. "ARCS will provide PNC with expertise and a customer base that complement our own," said William S. Demchak, PNC's vice chairman and head of corporate and institutional banking. "Together we will offer the full spectrum of financing and servicing options to multifamily owners and investors nationally." The acquisition is expected to be accretive to earnings within the first year, the company said. Beekman Advisors acted as financial adviser to ARCS on the transaction.