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Prudential Huntoon Paige achieves record mortgage production in 2010

^{Published on 2011-02-07 12:40:25 - Market Wire}
 

NEWARK, N.J.--([ BUSINESS WIRE ])--Prudential Huntoon Paige today announced that it closed almost $2 billion in multifamily (affordable and market-rate), healthcare (nursing homes and assisted living facilities), and hospital loans in 2010 on behalf of the Federal Housing Administration. Prudential Huntoon Paige is a unit of [ Prudential Mortgage Capital Company ], the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

"The ability of Prudential Huntoon Paige to achieve its best year on record illustrates the strength of the FHA business and the high demand for these properties"

The $1.9 billion originated in 2010 is a record for the company since its founding in 1993.

aThe ability of Prudential Huntoon Paige to achieve its best year on record illustrates the strength of the FHA business and the high demand for these properties,a said Marie Head, managing director and head of Prudential Huntoon Paige. aThese results show that the fundamentals for FHA lending remain strong.a

The business has grown dramatically over the past five years in spite of the recent financial crisis that severely hampered the commercial mortgage market. Tremendous gains came in three sectors in 2011:

• The company generated nine hospital transactions in 2010, worth nearly $1.2 billion, a nearly 40 percent increase from the $860 million closed during 2009. Prudential Huntoon Paige added a hospital specialty group in 2009 and is strategically positioned to continue to grow its FHA-insured hospital business by allowing hospitals to greatly reduce transaction and negative arbitrage costs associated with traditional bond executions.
• The multifamily category generated 68 loans worth $734 million in 2010, more than double 2009 production.

• Prudential Huntoon Paige completed 12 healthcare industry-related loans totaling more than $100 million in 2010, up from the seven loans it completed a year earlier worth nearly $80 million.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $64.9 billion in assets under management and administration as of September 30, 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; Prudentiala™s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $66.4 billion, as of September 30, 2010. For more information, please visit [ http://www.prumortgagecapital.com ].

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $750 billion of assets under management as of September 30, 2010, has operations in the United States, Asia, Europe, and Latin America. Prudentiala™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., Prudentiala™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/ ].