Prudential Mortgage Capital Originates $17.9 Million in Loans for Its Conduit; Loans Include Georgia-based Self-storage and South Carolina Multifamily Properties

Business Wire, March 11, 2002

Business Editors

NEWARK, N.J.--(BUSINESS WIRE)--March 11, 2002

Prudential Mortgage Capital Company announced today that it recently originated an $8.75 million commercial mortgage loan for its conduit to Ark Self Storage Group LLC for a portfolio of self-storage properties throughout Georgia.

Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The loan is structured as one note collateralized by six self-storage properties in Georgia. The properties, built between 1979 and 1996, include 2,633 units with 303,874 square feet. The 10-year loan has a 20-year amortization rate.

The loan refinances an interim loan Prudential closed in December, so the borrower could close the transaction by year-end. A permanent loan closed Feb. 8. Beacon Realty Capital arranged the financing.

Also in the southeastern region, Prudential recently originated a $9.15 million loan for Intermark Columbiana Lakes LLC. The 10-year refinancing loan is securitized by the Columbiana Lakes Apartments, and a 204-unit garden apartment complex in Columbia, S.C., built in 1996. The loan has an interest of 7.28% and an amortization period of 30 years.

Charles Cronin of Axiom Capital in Albany, N.Y., arranged the financing. Scott Miller was Prudential's originator on the transaction, which closed in January.

Prudential Mortgage Capital Company is a national full-service, commercial mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital and mezzanine markets, Prudential's general account, and other institutional investors. The company had assets under management and administration of $34.2 billion as of December 31, 2001.

Prudential Financial companies, with approximately $590 billion in total assets under management and administration as of December 31, 2001, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.