Newark, NJ (PRWEB) July 13, 2010
Prudential Mortgage Capital Company has closed 13 loans totaling $168 million using Fannie Mae’s DUS® program for a multifamily portfolio in the Washington, D.C., metro area. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
Patrick McGlohn of Prudential Mortgage Capital’s McLean, Va., office arranged the 10-year, fixed-rate loans for Kay Management Company. “We were pleased to participate in this transaction with the borrower and their law firm Grossberg, Yochelson Fox & Beyda. This loan highlights our commitment to quality financing and service and we look forward to our ongoing relationship with Kay Management,” said McGlohn.
The portfolio of 13 multifamily properties includes Harbour Gates Apartments, a 516-unit garden style apartment community in Annapolis, Md.; White Oaks Towers, a 412-unit tower in Silver Spring, Md; Seneca Club, a 380-unit community in Germantown, Md.; London Park Towers, a 458-unit building in Alexandria, Va.; and Londonderry Apartments, a 531-unit building in Gaithersburg, Md. Various amenities are included, with many properties featuring fitness centers and outdoor facilities. All of the properties are maintained and operated by Kay Management Company.
Phil Mudd, Christian Miles, and Jon Goldstein from Cassidy Turley served as intermediaries on the transaction.
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.