Newark, NJ (PRWEB) May 25, 2010
Prudential Mortgage Capital Company has closed a $175 million loan on behalf of its general account client for Metropolitan Square, a 602,096 square-foot office building on the corner of 15th and G Streets in the East End of Washington, D.C. The borrower, The Metropolitan Square Associates, is a joint venture managed by Boston Properties. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
Melissa Farrell and Sarah Teunis of Prudential Mortgage Capital’s New York office arranged the 10-year fixed-rate loan.
“We were delighted to work with Boston Properties on this transaction, which was an excellent investment opportunity for Prudential Mortgage Capital because of the borrower’s real estate expertise and the property's excellent quality and irreplaceable location," said Farrell. "We look forward to working with Boston Properties over the life of this loan and remain committed to providing excellent service to our borrowers."
Metropolitan Square sits across from the U.S. Department of the Treasury and is one block from the White House. It also features views of the Washington Monument, the National Mall, and Arlington, Va. The 12-story office building has an atrium and four levels of parking.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $63 billion in assets under management and administration as of March 31, 2010. Leveraging a 135-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 Program Plus® and specialized affordable housing programs; FHA; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $63.4 billion, as of March 31, 2010. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $693 billion of assets under management as of March 31, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com.