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PGIM Real Estate has provided $188 million in fixed-rate financing on behalf of their core lending strategy to Tower Companies for The Blairs, a five-property multifamily portfolio. PGIM Real Estate is the $210 billion real estate investment and financing business of PGIM (NYSE: PRU).
The Blairs five apartment communities include The Pearl, Blair Towns, Blair House, Blair East and Blair Plaza, totaling 1,396 units. The properties are located in a master-planned community campus owned by Tower Companies in downtown Silver Spring, Maryland. In 2012, The Blairs was the first multifamily residential campus to receive the LEED Gold Certification for Operations and Maintenance.
"Our relationship with Tower Companies spans more than half a century and we're proud of PGIM Real Estate's ability to continually bring forward creative financing solutions to meet their needs," said Trevor Arnholt, vice president at PGIM Real Estate who led the financing on the firm's behalf. "Moving into the fourth quarter, we strongly believe in the opportunity that the multifamily industry has to offer, despite economic headwinds in the current market environment."
"Maryland is where we call home, and The Blairs is a one of our many communities where we aim to provide residents a more sustainable and greener lifestyle," said Ronald Abramson, partner at Tower Companies. "Having the ability to reinvest in our buildings allows us to remain focused on creating environmentally friendly spaces that people can call home."
