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PARSIPPANY, N.J.--([ BUSINESS WIRE ])--Prudential Real Estate Investors has completed the final close for its fourth senior housing fund, Senior Housing Partners IV, bringing the total amount to $568 million of discretionary capital secured from institutional investors. This is the largest senior housing fund ever for the firm. PREI is the real estate investment and advisory business of Prudential Financial, Inc. (NYSE: PRU).

"Steve brings the kind of experience and industry knowledge that will help PREI to identify and target the types of senior housing opportunities that will expand our ability to execute on behalf of our clients"

aThere is a growing need for senior housing in the United States and the demand for high quality properties that offer a variety of services and accommodations is on the rise,a said Noah Levy, managing director with PREI and portfolio manager of the fund. aWe expect this demand will continue to increase and we look forward to providing an attractive return for our investors over the long-term.a

The closed-end fund will target investments in senior housing, including independent living, assisted living and memory care properties as well as communities that offer a combination of those services. It will focus on direct and joint venture acquisitions of existing properties, forward commitments on newly constructed properties, mezzanine loans, and development.

PREI has been investing in senior housing on behalf of clients since the late 1990s, recognizing early on the growing market opportunity and investor interest. The firm opened its first fund, Senior Housing Partners I, in 1998 and has been investing on behalf of investors ever since, following up with Senior Housing Partners II and Senior Housing Partners III.

In conjunction with the closing of the new fund, PREI announced the hiring of Steve Blazejewski as a principal on the senior housing team to expand the groupas capabilities. He has a strong background in the senior housing industry.

Before joining PREI, Blazejewski worked for Health Care REIT, Inc. where he was vice president of senior housing, and as a vice president with CSH, LLC, an affiliate of The Carlyle Group. He earned a bacheloras degree from the United States Naval Academy and an MBA from the University of Maryland, Robert H. Smith School of Business. He is based in Atlanta and reports to John Dark, managing director of senior housing.

aSteve brings the kind of experience and industry knowledge that will help PREI to identify and target the types of senior housing opportunities that will expand our ability to execute on behalf of our clients,a Dark said.

PREI is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, the Middle East, Asia, Australia and Latin America. Headquartered in Parsippany, N.J., PREI has other offices in Atlanta, Chicago, Miami, New York, San Francisco, Miami, London, Lisbon, Luxembourg, Madrid, Munich, Paris, Istanbul, Abu Dhabi, Mexico City, Rio de Janeiro, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore, and Tokyo. In addition, PREI has representatives in Milan and is establishing a presence in Sydney (pending regulatory approval). As of December 31, 2011, PREI managed approximately $49.1 billion in gross real estate assets ($31.1 billion net) on behalf of more than 490 clients worldwide. For more information, visit [ http://www.prei.com ].

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $901 billion of assets under management as of December 31, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudentialas 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. In the U.S., Prudentialas 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/ ].