Newark, N.J. (PRWEB) September 21, 2009
Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU), has begun offering loans for commercial real estate in Japan.
"Having a significant insurance presence in Japan means that our source of capital is both local and long-term, making our decision to create a platform dedicated to the Japanese commercial real estate debt market a logical one," said Thor Orndahl, a managing director who oversees Prudential Mortgage Capital's non-U.S. mortgage platform.
The company has received approval from the Tokyo Metropolitan Government and will focus on providing senior loans at moderate leverage for income-producing multifamily, office and warehouse properties in Japan.
"Japan has traditionally been a short-term, floating rate debt market which, although not ideal for some investors, works when liquidity is high and loans are easily refinanced. We see significant opportunity in working with investors who recognize the value of matching their long-term real estate assets with long-term debt," said Tomoyuki Ishikawa, who heads Prudential Mortgage Capital's Tokyo office.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $62 billion in assets under management and administration as of June 30, 2009. Leveraging a 130-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™, FHA and Freddie Mac Targeted Affordable programs; Prudential's general account; and other institutional investors. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $580 billion of assets under management as of June 30, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The Company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com.