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PGIM RE Secures $259M Credit Facility Boost for Sobrato Properties
PGIM Real Estate arranged a $259-million Fannie Mae credit facility addition secured by six multifamily properties on the West Coast on behalf of The Sobrato Organization. Totaling 1,141 units, the properties are well-located in suburban West Coast locations benefiting from strong regional demographics and proximity to major employment nodes.
“We appreciate Sobrato’s continued trust in our ability to deliver an excellent execution despite the current market volatility,” said Natalia Todorov, San Francisco-based executive director at PGIM Real Estate. “Thanks to their team’s commitment and the existing facility structure, we were able to navigate an expedited due diligence process and legal review, ensuring a successful deal closure within a remarkable 30 days.”
Added Lauren Kiesel, head of agency structured transactions, “By pursuing a credit facility addition for these assets, Sobrato gains optionality at the portfolio level.”
Todorov led the transaction with a team that included executive director Elizabeth Velazquez and investment associate A.J. Hamer.
- ◦Financing
