PGIM Real Estate in $222M of Financings

PGIM Real Estate, the real estate investment and financing arm of PGIM, has provided more than $222 million in core plus financing on behalf of two investors.

The financing was spread across three key transactions that represent a variety of property types — from a mixed-use deal with office and retail in Chicago to multifamily deals in Atlanta and Florida.

“This financing is reflective of PGIM’s positive outlook for the multifamily and mixed-use sectors,” said Trace Wilson, executive director and loan originator with PGIM Real Estate.

The transactions include:

Fulton Market – $101 million in floating rate bridge financing to Asana Partners for the acquisition and lease-up of a four-property, 168,206-square-foot retail and office portfolio, comprising 18 tenants located in the Fulton Market neighborhood of Chicago.

Berkshires at Lenox Park – A $73.505 million floating rate bridge loan to CARROLL for the acquisition and renovation of Berkshires at Lenox Park, a 375-unit, 1990 vintage garden-style apartment community located in Brookhaven, Georgia. The loan included future advances to fund 100% of the sponsor’s renovation strategy, which includes interior, exterior, and common area upgrades.

Lakes at Margate – A $48.2 million floating rate bridge loan to CARROLL for the acquisition and renovation of Lakes of Margate, a 280-unit, 1986 vintage garden-style apartment community located in Broward County, Florida. The loan included future advances to fund 70% of the sponsor’s planned renovations and capital expenditures.