NEWARK, N.J., Jan. 5, 2026 – PGIM’s real estate business has provided a $23 million mezzanine loan on behalf of its structured debt strategy to Vesta Realty Partners and Woodbury Corporation for the development of a built-to-rent community in Salt Lake City, Utah. In addition to PGIM’s loan, Madison Realty Capital has provided a $64 million mortgage loan bringing total financing to $87 million. Walker & Dunlop Capital Markets arranged the loan.
West Village Townhome, a 186-unit property townhome community, features three 4-story 2-bedroom and 3-bedroom units. It offers a differentiated product offering and represents one of the few purpose-built townhome communities in Salt Lake City. Community amenities include a resort-style pool and spa, sauna and private massage studio, fitness center and yoga studio, pet spa, BBQ area, bike and ski repair station, and a resident clubhouse.
“Built-to-rent communities continue to show strong fundamentals, particularly in high-growth markets like Salt Lake City,” said Daniel Kattan, executive director for PGIM’s real estate business. “This transaction underscores our confidence in the sector and highlights PGIM’s capability in providing flexible structured debt solutions to strong operators and developers such as Vesta Realty Partners and Woodbury Corporation.”
Josh Zegen, managing principal and co-founder of Madison Realty Capital, added, “Salt Lake City faces a clear imbalance among rental townhome offerings, and this project brings a luxury option to a market with limited high-end townhomes in urban areas. Backed by local sponsors with decades of experience delivering residential projects in Utah, we’re pleased to deliver financing with PGIM for this development.”
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 $1.5 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 alternatives. With 1,400+ investment professionals across 41 offices in 20 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 $216 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.
ABOUT MADISON REALTY CAPITAL
Madison Realty Capital is a real estate private credit manager focused on U.S.-based commercial real estate lending strategies. As of June 30, 2025, the firm and its controlled affiliates (collectively, “Madison”) manage $23 billion in assets on behalf of a global institutional investor base. Since 2004, Madison has completed $70 billion of real estate credit transactions. Madison seeks to deliver value at every phase of the property lifecycle by providing tailored financing solutions to borrowers across the capital stack. To learn more, follow Madison Realty Capital on LinkedIn and visit madisonrealtycapital.com.
ABOUT VESTA REALTY PARTNERS
Vesta Realty Partners is a leading Mountain West real estate developer and investment manager focused on industrial, residential and office opportunities with offices in Salt Lake City and New York City. Vesta manages an existing portfolio and development pipeline exceeding $1 billion across Utah’s Wasatch Front.
ABOUT WOODBURY CORPORATION
Founded in 1919, privately held Woodbury Corporation is one of the oldest and most respected full-service real estate development companies in the Intermountain West. Headquartered in Salt Lake City and with $4 billion in assets under management, the Woodbury portfolio includes retail, office, hotel, residential and industrial projects across 16 states. For more information, please visit woodburycorp.com.
ABOUT WALKER & DUNLOP
Walker & Dunlop (NYSE: WD) is one of the largest commercial real estate finance and advisory services firms in the United States and internationally. Their ideas and capital create communities where people live, work, shop and play. Walker & Dunlop’s innovative people, breadth of our brand, and technological capabilities make them one of the most insightful and client-focused firms in the commercial real estate industry.
1 As of Sept. 30, 2025.
2 As of Sept. 30, 2025, AUM reflected as gross. Net AUM is $139 billion and AUA is $49 billion. PGIM’s real estate business 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 June 30, 2024. Participation in the ranking is voluntary, and no compensation is required to participate in the ranking.
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