Prudential Mortgage Capital Originates $19.75 Million Loan for Student Housing in Michigan

Business Wire, July 28, 2003

Business Editors

NEWARK, N.J.--(BUSINESS WIRE)--July 28, 2003

Prudential Also Originated $26.7 Million in N.J., Calif.,

Texas, Pa. and Fla.

Prudential Mortgage Capital Company announced today that it has provided a $19.75 million refinancing for Tallgrass Development LLC for Prudential's conduit. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

The loan is secured by the Tallgrass Apartments in Mount Pleasant, Mich., a new student garden apartment project serving Central Michigan University. The complex, built in 2002, has 290 units and is fully occupied. The 10-year loan has a 5.29 percent interest rate and amortizes over 30 years.

Cincinnati-based Fifth Third Real Estate Capital Markets, the mortgage-banking arm of Fifth Third Bank, arranged the loan. David Graham, of Prudential's Chicago office, originated the loan.

Other recent conduit deals include the following:

-- A $10.9 million refinancing loan for the Super Commercial

Portfolio, which comprises two retail centers and two

industrial properties in Corpus Christi, Texas. The

properties, built between 1979 and 1985, are 93 percent

occupied. The 10-year loan has an interest rate of 5.93

percent and amortizes over 25 years. Commercial Realty Capital

of Las Vegas arranged the loan. Curtis Brunton, of

Prudential's San Francisco office, originated the loan.

-- A $6.4 million loan secured by West Deptford Self Storage in

West Deptford, N.J. The 96,430-square-foot property was built

in 1997 and is 86 percent occupied. The seven-year loan has an

interest rate of 5.53 percent and amortizes over 25 years. PNC

Real Estate Finance in Pittsburgh, Pa., arranged the loan.

Prudential's Graham originated the loan.

-- A $5 million acquisition loan secured by North Market, an

86,179-square-foot industrial property in Sacramento, Calif.

The property, built in 1985, is fully occupied. The 10-year

loan has an interest rate of 5.57 percent and amortizes over

30 years. Robert Marshall of Seattle arranged the loan.

Michael Jameson of Prudential's San Francisco office

originated the loan.

-- A $4.4 million acquisition loan for WCPP LP, secured by the

Walnut Chestnut Park Plaza Apartments in Chester, Pa. The

property, built in 1970, has 138 units and is 93 percent

occupied. A PruEXPRESS Advisor, Joe Lebano of iCap Realty

Advisors in Philadelphia, arranged the loan. Scott W. Miller,

of Prudential's Atlanta office, originated the loan.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital markets, Prudential's general account, and other institutional investors. The company, with $36.6 billion in assets under management and administration as of March 31, 2003, offers fixed and floating rate loans, mezzanine lending, structured financing, interim/bridge lending; affordable housing loans and forward commitments. For more information, visit www.prudential.com/mortgagecapital

Prudential Financial companies, with more than $375 billion in total assets under management as of March 31, 2003, 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.