Business & Finance
Business and Finance
Business and Finance
Mon, July 25, 2011 Prudential Mortgage Capital Company provides $355 million in financing for California, Hawaii properties
NEWARK, N.J.--([ BUSINESS WIRE ])--Prudential Mortgage Capital Company has closed a $355 million loan for Los Angeles-based real estate investment trust Douglas Emmett, Inc., on behalf of Prudentiala™s general account. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
"The Westside is a highly desirable area in one of the nationa™s most supply-constrained markets. These properties are in close proximity to high-end housing and a concentration of dining, retail and entertainment amenities that help drive high occupancy and premium rents"
The loan is a first mortgage secured by a more than 1 million-square-foot portfolio of eight medical, retail and office properties in Los Angeles and Honolulu. The properties include a100 Wilshirea in Santa Monica, Calif. Situated on Wilshire Blvd. at the intersection of Ocean Ave., its sweeping oceanfront views and popular location make the iconic 21-story building one of the most prestigious office properties in Southern California. The loan term is for seven years.
Prudential Mortgage Capital Companya™s San Francisco-based deal team consisted of Frederick van Overbeek, principal, and Andrei Gog, junior associate.
aThe Westside is a highly desirable area in one of the nationa™s most supply-constrained markets. These properties are in close proximity to high-end housing and a concentration of dining, retail and entertainment amenities that help drive high occupancy and premium rents,a van Overbeek said. aWe are very proud to reinvigorate Prudentiala™s long-standing relationship with Douglas Emmett, a leading owner and operator of high-quality properties in Westside Los Angeles and Honolulu, and we look forward to continuing our mutually beneficial relationship.a
Jordan L. Kaplan, CEO of Douglas Emmett, Inc. said, aThis market has strong economic characteristics and is one of the premiere locations in the country. This loan transaction is a perfect fit with our overall financing strategy and Prudential Mortgage Capital Company helped make it happen with its flexible and relationship-oriented approach.a
Added William Kamer, chief financial officer of Douglas Emmet, Inc., aPart of choosing a financing partner is seeking a lender that is consistent and reliable and can provide superior quality service not only at closing but throughout the loan term. Prudential Mortgage Capital Company is that partner.a
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $65.6 billion in assets under management and administration as of March 31, 2011. 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 March 31, 2011. For more information, please visit [ http://www.prumortgagecapital.com ].
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $859 billion of assets under management as of March 31, 2011, 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/ ].
