PGIM Real Estate Finance provides $18.1 billion in financing in 2018
February 11 2019 - 11:00AM
Business Wire
PGIM Real Estate Finance originated a record $18.1 billion in
financing in 2018 led by record production in multifamily and
core-plus lending. PGIM Real Estate Finance is the commercial
mortgage finance business of PGIM Inc., the $1 trillion global
investment management business of Prudential Financial, Inc. (NYSE:
PRU).
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"In 2019, we expect strong commercial
real estate fundamentals to continue, supported by steady economic
growth and investor discipline, while continuing to focus on
finding loans along the core to core-plus continuum in the U.S.,
Europe, Australia and Japan." - David Durning, CEO, PGIM Real
Estate Finance
The company has as much as $18 billion available for financing
in 2019 and will look to target growth in the agency business,
industrial loans, international lending, and core-plus
opportunities.
PGIM Real Estate Finance’s overall debt lending and agriculture
investment production increased 22 percent over its prior-year
totals. The increases included significant growth in the company’s
agency lending business, international originations and core-plus
lending.
2018 financing highlights include:
- A record $6.2 billion in conventional
and affordable multifamily loans on behalf of Fannie Mae, Freddie
Mac and the Federal Housing Administration (FHA)
- $16.7 billion in U.S. multifamily,
industrial, office, retail and other sectors
- $878 million in agricultural debt
- $980 million in core-plus
financing
- $1.4 billion in international markets
such as Australia, Canada, Japan, the U.K. and other European
nations
“In 2018, we broadened our recent focus on affordable and market
rate apartment and industrial property loans to include an
increased emphasis on higher yield loans to reflect secular trends
around home ownership and ecommerce and increased investor appetite
for higher income producing assets,” said David Durning, chief
executive officer of PGIM Real Estate Finance. “In 2019, we expect
strong commercial real estate fundamentals to continue, supported
by steady economic growth and investor discipline, while continuing
to focus on finding loans along the core to core-plus continuum in
the U.S., Europe, Australia and Japan.”
About PGIM Real Estate
Finance
PGIM Real Estate Finance, the commercial mortgage business of
PGIM, is an international full-service, commercial and multifamily
mortgage finance business with $96.2 billion in assets under
management and administration as of Dec. 31, 2018. Leveraging a
140-year history of real estate finance, the company offers one of
the most comprehensive lines of real estate finance products and
originates loans for Fannie Mae DUS®, Freddie Mac and specialized
affordable housing programs; FHA; Prudential’s general account; and
other institutional investors. For more information, please
visit pgimref.com.
About PGIM and Prudential Financial,
Inc.
With 16 consecutive years of positive third-party institutional
net flows, PGIM, the global asset management business of Prudential
Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset
managers in the world* with more than $1 trillion in assets under
management as of Dec. 31, 2018. PGIM’s businesses offer a range of
investment solutions for retail and institutional investors around
the world across a broad range of asset classes, including
fundamental equity, quantitative equity, public fixed income,
private fixed income, real estate and commercial mortgages. Its
businesses have offices in 15 countries across five continents. For
more information about PGIM, visit pgim.com.
Prudential’s additional businesses offer a variety of products
and services, including life insurance, annuities and
retirement-related services. For more information about Prudential,
please visit news.prudential.com.
*Pensions & Investments’ Top Money Managers list, May 28,
2018; based on Prudential Financial total worldwide institutional
assets under management as of Dec. 31, 2017. Assets under
management (AUM) are based on company estimates and are subject to
change.
Learn about PGIM Real Estate Finance:
pgimref.com
Follow us on Twitter: @PGIM
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version on businesswire.com: https://www.businesswire.com/news/home/20190211005057/en/
MEDIA:Brendan
Duffy973-802-5711brendan.duffy@prudential.com
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