Business Services Industry
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.
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