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BETHESDA, MD-In an effort to cater to the strong commercial real estate market in the greater Washington, DC region, Pittsburgh, PA-headquartered PNC MultiFamily Capital has decided to open a new office in the area, with 20-year mortgage industry veteran Susana Araoz spearheading the new locale as regional vice president. The new division will share space with the Real Estate Finance and Midland Loan Services personnel at 7200 Wisconsin Ave., which is just outside of District city limits.

The establishment of the new office is a smart move on PNC’s part. According to Delta Associates’ first Quarter 2003 Apartment Report, “the Washington apartment market continues to outpace the nation, with the lowest overall vacancy rate in the US, highest absorption among major metros, and rents that showed a very modest decrease over the year, compared to steep declines elsewhere.” PNC MultiFamily, parented by PNC Real Estate Finance, will focus primarily on financing affordable and senior housing.

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