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PGIM Real Estate, the real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition secured by six multifamily properties on the West Coast on behalf of The Sobrato Organization.
The properties, totaling 1,141 units, are well-located in suburban West Coast locations benefiting from strong regional demographics and proximity to major employment nodes.
"We appreciate Sobrato's continued trust in our ability to deliver an excellent execution despite the current market volatility," said Executive director at PGIM Real Estate. "Thanks to their team's commitment and the existing facility structure, we were able to navigate an expedited due diligence process and legal review, ensuring a successful deal closure within a remarkable 30 days."
"Credit facilities provide addition, substitution, release and borrow-up rights while benefitting from a crossed portfolio, which can be helpful during times of increased volatility. By pursuing a credit facility addition for these assets, Sobrato gains optionality at the portfolio level," said Lauren Kiesel, head of Agency structured transactions at PGIM Real Estate. "Last year PGIM originated $9.1 billion in multifamily loans across our debt platform, including through our Fannie Mae, Freddie Mac, Core, Core Plus and Structured lending strategies. Combining our access to capital — through our proprietary lending products and partnership with the GSEs — with our expertise and unique understanding of owners' needs, we are able to develop attractive capital solutions for our clients."
Todorov led the transaction with a team that included Elizabeth Velazquez, executive director, and A.J. Hamer, investment associate, alongside Kiesel.
