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Prudential Mortgage Capital provides $200 million of the $725 million total secured financing of New Yorka?s iconic 601 Lexingt

^{Published on 2011-09-01 20:01:59 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Prudential Mortgage Capital Company has completed $200 million in financing for Boston Propertiesa™ 601 Lexington Avenue, formally known as the Citigroup Center. Prudential Mortgage Capital Company joined with MetLife, which provided $375 million, and New York Life, which provided $150 million, for a total loan of $725 million. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

The fixed-rate loan, with a 10-year, seven-month term, is secured by the distinctive 59-story, 1.6 million-square-foot, trophy Class-A office tower and retail property located on Lexington Avenue between 53^rd and 54^th Streets in the heart of midtown Manhattan.

Prudentiala™s New York-based team arranged its share of the financing, led by Melissa Farrell, managing director, Sarah Teunis, director and Sam Eisner, senior analyst.

a601 Lexington Avenue represented an exceptional opportunity for Prudential to invest in a top-tier building with a strong and consistent operating history in one the best office markets in the world. We are pleased to have closed this transaction with Boston Properties who has considerable experience and a successful track record in owning and managing office properties in desirable markets including Midtown Manhattan. We look forward to continuing our relationship with them,a Farrell said.

601 Lexington Avenuea™s distinctive angled roof has become an iconic part of New York Citya™s famed skyline. Occupying the full block that runs from 53^rd to 54^th Streets between Lexington and Third Avenues in the Plaza District of Midtown Manhattan, it includes more than 1.5 million square-feet of office space and over 100,000 square-feet of retail space. The building sits on top of three subway lines providing access to New Yorka™s extensive transportation network.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $68 billion in assets under management and administration as of June 30, 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 $66.3 billion, as of June 30, 2011. For more information, please visit [ http://www.prumortgagecapital.com ].

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $883 billion of assets under management as of June 30, 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 ].