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Chicago & Midwest  + Midwest  + Finance  | 
Farbman Group has added more than 20 new hires

PGIM Real Estate Lines Up $534M on Detroit Workforce Housing 

PGIM Real Estate recently arranged $534 million in Freddie Mac financing for a 15-property Detroit workforce housing portfolio. The deal took just 40 days over the holiday season from application to close, allowing the undisclosed sponsor to complete the deal by year-end.  

“PGIM Real Estate has extensive experience working with Freddie Mac, which helps us execute complex, large portfolio deals like this in a compressed timeframe,” said Stephanie Wiggins, managing director and head of production for agency lending at PGIM Real Estate. 

The Detroit metro submarket has benefited from the rise of e-commerce and the area’s expanding logistics network has accounted for an outsize share of job growth as the economy recovers from the pandemic. Each property in the deal is categorized as highly affordable, with a weighted average of 83.90% affordability at 80% of area median income and 40.84% at 60% AMI. 

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PGIM Real Estate's Wiggins

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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