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Prudential Mortgage Capital launches program for multifamily properties

NationalMortgageProfessional.com
May 03, 2010

Prudential Mortgage Capital Company has launched the Agency Gateway program, a new short-term loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan. Under this new program, the company will target loans of $5 to $25 million secured by fully-constructed or renovated multifamily properties that are well-located but have not yet reached stabilized occupancy levels. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. “We are excited to offer this new source of financing for multifamily properties which addresses a clear need of multifamily owners and investors in today's market,” said David Durning, senior managing director of Prudential Mortgage Capital Company. “In addition to offering our multifamily borrowers more flexibility for financing higher-quality properties, we believe this program compliments Prudential's existing Fannie Mae DUS Lending Program, as well as our Freddie Mac Program Plus program offered through Prudential Johnson Apartment Capital Express.” Prudential Mortgage Capital has provided more than $16.4 billion in multifamily mortgages over the last five years, originating more than $2.4 billion in 2009. Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $62.5 billion in assets under management and administration as of Dec. 31, 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 Freddie Mac Targeted Affordable Housing programs, Fannie Mae DUS, FHA, Prudential’s general account; and other institutional investors. The company maintains a loan servicing portfolio of approximately $63 billion, as of Dec. 31, 2009. For more information, visit www.prumortgagecapital.com.
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