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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.
- ◦Financing


