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PGIM Real Estate Provides $1B Floating Rate Fannie Mae Financing for 22-Property Portfolio
Arlington, VA-based PGIM Real Estate has arranged more than $1 billion in floating rate financing on behalf of a residential real estate investment and property management company for its acquisition of a stake in a 22-property multifamily portfolio.
PGIM Real Estate is the $206.8 billion real estate investment and financing business of PGIM.
The portfolio features approximately 7,000 multifamily units located across the Southeast and Sun Belt markets. Of those units, 58% meet the criteria for mission-oriented business, with 4,100 low-income units and 550 very low-income units.
“The success of this transaction and our ability to provide floating rate financing against the backdrop of a turbulent market environment is a testament to the deep capabilities of our lending platform,” said Michael McRoberts, head of agency lending for PGIM Real Estate and chairman of its agency platform. “We’re thrilled to be able to support the mission goals of FHFA by executing a transaction of this scale, while also providing favorable terms for our client.”
- ◦Sale/Acquisition
- ◦Financing
