PGIM Real Estate has provided $188 million in fixed-rate financing for The Blairs, a five-property multifamily portfolio owned by Tower Companies.
The Blairs consists of five apartment communities with a total of 1,396 units located in downtown Silver Spring, Maryland. The properties are part of a master-planned community campus, and in 2012, The Blairs became the first multifamily residential campus to receive LEED Gold Certification for Operations and Maintenance.
PGIM Real Estate, the real estate investment and financing arm of PGIM, secured fixed-rate financing on behalf of its core lending strategy. “Moving into the fourth quarter, we strongly believe in the opportunity that the multifamily industry has to offer, despite economic headwinds in the current market environment,” said Trevor Arnholt, vice president at PGIM Real Estate, who led the financing on the firm’s behalf.
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Emily Fu is Content Director of Connect Commercial Real Estate, where she covers the east coast markets, including New York, Boston & New England, and DC & Mid-Atlantic markets. She produces daily news stories as well as longer-form content, ranging from Q&As to thought-leadership pieces. She also writes feature stories for Connect Money.
With previous stints at Reuters, Seeking Alpha, and Commercial Observer, Emily has covered the finance side of the commercial real estate industry, technology, media, telecom (TMT), and fashion. She attended the Columbia Graduate School of Journalism and currently resides in Manhattan.