Prudential Mortgage and Perella Weinberg Announce Commercial Joint Venture – NMP Skip to main content

Prudential Mortgage and Perella Weinberg Announce Commercial Joint Venture

NationalMortgageProfessional.com
Jul 11, 2011

Prudential Mortgage Capital Company and Perella Weinberg Partners’ Asset Based Value strategy have formed a joint venture to originate commercial mortgages for future securitization. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. The joint venture combines Prudential Mortgage Capital Company’s strong credit culture and finance expertise with Perella Weinberg Partners’ Asset Based Value strategy’s real estate lending and principal investing experience. Loans will be originated through Prudential Mortgage Capital Company’s origination platform, then warehoused and securitized by the joint venture, and serviced by Prudential Asset Resources, one of the largest commercial/multifamily servicers in the industry. The new venture enables Prudential Mortgage Capital Company to provide its borrowers with access to the commercial mortgage backed securities market without creating a new commercial mortgage-backed securities (CMBS) warehouse, following the divestiture of Prudential’s commercial mortgage securitization business in 2008. The joint venture, which is structured to adapt to potential regulatory changes, is initially targeting more than $1 billion a year in fixed-rate mortgages (FRMs) for stabilized commercial properties across all asset classes. The venture will create a branded vehicle and partner with third parties to issue commercial mortgage backed securities. The joint venture is accepting applications through Prudential Mortgage Capital Company loan officers, effective immediately. “Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena,” said David Twardock, president of Prudential Mortgage Capital Company. “This is an excellent opportunity to leverage our national origination network and expand the financing options we provide for our borrowers. We are proud of our relationship with Perella Weinberg and look forward to working with them through this joint venture to better meet our clients’ needs.” The joint venture will be led by Richard Flohr, Sean Beggan and Jean Baker at Prudential Mortgage Capital Company, along with David Schiff, Billy Jacobs and Roger Nussenblatt of the Perella Weinberg Partners’ Asset Based Value strategy. This team brings a wealth of commercial real estate industry experience. “Today’s announcement reflects our continued commitment to partnering with proven teams and businesses to provide specialty finance solutions to underserved capital markets," said Schiff. "This joint venture, which unites two like-minded credit cultures, will leverage each entity’s core competencies to bring additional liquidity to borrowers and high-quality securities, secured by conservative underwriting on quality assets, to bond investors.
Published
Jul 11, 2011
FirstClose Receives $35M Investment From Lateral

Fintech says it will use the investment to expand its growing financial services footprint.

Industry News
May 18, 2022
Mortgage News Network Launches Podcast On Helping Underserved Borrowers

'Gated Communities' looks at why homeownership gap is increasing, and what lenders are doing to reverse the trend.

Industry News
May 17, 2022
Class Valuation Appoints EVP Of Valuation Modernization

Cristy Conolly will focus on removing bias from the equation in appraisals.

Industry News
May 17, 2022
Open Mortgage Appoints New Chief Financial Officer

Anthony Nolte, Open Mortgage's CFO since 2019, will transition to chief legal officer.

Industry News
May 17, 2022
Online Brokerage REX Pursues Litigation Against Zillow & NAR

The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.

Industry News
May 16, 2022
Fannie Mae Seeks Innovative Housing Ideas

Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.

Industry News
May 16, 2022