Under the terms of the transaction, according to a PNC spokesperson, that firm will hold $22 million of the loan. PNC Capital Markets Inc., as the lead agent, has successfully syndicated the balance of the loan to three additional financial institutions, which have not been named. Both PNC Real Estate Finance and PNC Capital Markets are part of the Pittsburgh, PA-based PNC Financial Services Group Inc. PNC has a New Jersey regional office in East Brunswick.

The initial phase of Pier Village is just under construction with a scheduled completion date of early in 2006. At build-out, the phase will consist of a total of 74,000 sf of street-level retail space with 320 apartment units situated on the second, third and fourth floors of the building. The oceanfront project will also feature a parking garage with more than 600 spaces for both residential and retail use, according to Applied Development officials.

Pier Village is part of a larger redevelopment effort on the part of this Monmouth County city, which fronts on the Atlantic Ocean. Overall, the plan includes Pier Village and four other projects along the oceanfront, which are being carried out by multiple developers. Long Branch is a year-round residential community located on a commuter rail line to New York City.

Applied Development, meanwhile, is a developer of multifamily and "for-sale" housing projects throughout the Garden State. And PNC Real Estate Finance specializes in financing for the acquisition, development, permanent financing and operation of commercial real estate.