PGIM Says Industrial, MF Lending Strong, Originates $8.1B Overall CRE Financing H1
Newark, NJ-based PGIM Real Estate Finance reported it originated $8.1 billion in commercial mortgage financing in the first half of 2018, propelled by strong production in industrial and multifamily lending. The highlights of H1 2018 activity included $7.49 billion in U.S. commercial real estate, and $622 million in international markets.
Industrial lending growth was up 33% in H1 2018, compared to the same period last year. Another driver of business has been more than $425 million in core-plus financing.
“Industrial has been a key part of our portfolio for many years, but as consumers continue to adapt their shopping needs, we have been allocating more capital to the sector,” said Marcia Diaz, national head of originations.
PGIM also reported nearly $2.5 billion in conventional and affordable multifamily loans on behalf of Fannie Mae, Freddie Mac and FHA, which was a 53% increase over the H1 2017.
The company says it has more than $15 billion available for financing in 2018, and will look to increase its conventional and affordable agency business, continue its strong core-plus activity, and put an emphasis on multifamily and industrial for the rest of 2018.
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