“We are pleased to provide financing for Hanover Soma West, a high-quality multifamily asset in one of the nation’s highest-performing rental markets,” said Michael Catalano, executive director at PGIM who led the transaction on the firm’s behalf. “Our willingness to craft a floating-rate solution for this transaction that addressed Hanover’s need for flexibility in a volatile rate environment reflects our ability to offer proactive and responsive solutions for our clients. As the AI and tech boom continues to draw talent to San Francisco, the city’s rental market has seen consistent growth, which we believe positions this property for long-term success.”

PGIM’s real estate business is the world’s second-largest real estate investment manager, with $219 billion¹ in gross assets under management and administration² and real estate professionals located in 30+ cities worldwide. Through our full suite of real estate equity and debt solutions, we aim to achieve 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.

ABOUT PGIM

PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.² 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 1,500+ investment professionals across 40 offices in 20 countries, we serve retail and institutional clients worldwide. For more information visit pgim.com.

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 HANOVER COMPANY

Hanover Company, located in Houston, stands among the most active private real estate companies in the United States, specializing in the development and construction of high-quality multifamily residential and industrial properties nationwide. Founded in 1982, Hanover is an award-winning developer with a focus on strategic growth in major markets across the United States. Current U.S. markets include San Francisco, Los Angeles, San Diego, Houston, Austin, Dallas, Boston, Washington D.C., Atlanta, Philadelphia, Phoenix, Denver, Ft. Lauderdale, Raleigh, and Charlotte. 

¹ As of June 30, 2026, net AUM is $139B and AUA is $51B. PGIM is the second largest real estate investment manager (out of 63 firms surveyed) in terms of global real estate assets under management based on ‘Pensions & Investments’ “The Largest Real Estate Investment Managers” list published November 2025. This ranking represents AUM as of 6/30/25. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.

² As of June 30, 2026. Assets are rounded to the nearest full number.

The information contained herein is provided by PGIM, the principal asset management business of Prudential Financial, Inc. (PFI), and a trading name of PGIM, Inc. and its global subsidiaries and affiliates.

Please visit Important Disclosures for additional information, including details on non-US jurisdictions.

This information does not constitute investment advice, a recommendation, or a solicitation where prohibited. Certain information has been obtained from sources that PGIM believes to be reliable as of the date presented. PGIM does not guarantee the accuracy or completeness of information. Information, including projections and forecasts, may be changed without notice, although PGIM has no obligation to do so. PGIM and its affiliates may develop and publish research that is independent of, and different than, the information contained herein. This website is not offering any recommendation to purchase, hold or sell any referenced security.

Prudential Financial, Inc. 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.

© 2026 Prudential Financial, Inc. (PFI), and its related entities. Prudential, PGIM, the Prudential logo, and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide.

[6065840]