NEWARK, N.J., Aug. 18, 2025 – PGIM’s real estate business has provided a $24 million mezzanine loan on behalf of its structured debt strategy to Clearline Real Estate and American Landmark for the development of a multifamily community in Miami, Florida.

The Class-A 310-unit project will be located in the Wynwood neighborhood. There will be 12,500 square feet of ground-floor retail, 308 parking spaces, and 141 bike racks. Residents will benefit from a robust amenity package that includes an art studio, fitness center, coworking and conference space, and a courtyard area with a pool.

“We’re pleased to have provided mezzanine financing for this exceptional multifamily community in Miami. The city boasts strong fundamentals from sustained population and job growth. Inbound migration and persistent rental demand driven by both domestic and international tenants, make Miami a compelling market for multifamily investments,” said Shaunak Tanna, executive director for PGIM’s real estate business. “We look forward to continuing to partner with Clearline and American Landmark as they advance this project.”

ABOUT PGIM

PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU) is built on a 150-year legacy of strength, stability, and disciplined risk management through more than 30 market cycles. Managing more than $1.44 trillion in assets,¹ PGIM offers clients deep expertise across public and private asset classes, delivering a diverse range of investment strategies and tailored solutions — including fixed income, equities, real estate and other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,² and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve exceptional outcomes on behalf of investors and borrowers. Our uncompromising commitment to building lasting relationships with our clients is founded on trust, transparency, and mutual respect.

Prudential Financial, Inc. (PFI) of the United States is not affiliated in any manner with Prudential plc, incorporated in the United Kingdom, or with Prudential Assurance Company, a subsidiary of M&G plc, incorporated in the United Kingdom. For more information please visit news.prudential.com.

¹ As of June 30, 2025.

² As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate is the third-largest real estate investment manager (out of 72 firms surveyed) in terms of global real estate assets under management based on Pensions & Investments’ “Largest Real Estate Investment Managers” list published October 2024. This ranking represents AUM as of 6/30/24. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

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