PGIM Real Estate provides $141M in floating-rate financing for affordable housing portfolio in the Bronx
This affordable housing portfolio comprises 2,021 units across 34 properties, totaling 2.1 million square feet, located in the northern Bronx.
PGIM Real Estate arranges $66M acquisition financing for Inland Empire industrial asset
RIVERSIDE, Calif., May 14, 2020 – PGIM Real Estate has arranged $66 million in acquisition financing for 6275 Lance Drive, a 1-million-square-foot industrial facility located in Riverside, California, within the Inland Empire submarket. The fixed-rate loan was arranged on behalf of the borrower, for which TA Realty provides investment advisory services, and has an eight-year term. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.3 trillion global investment management business of Prudential Financial, Inc. (PFI) (NYSE: PRU).
6275 Lance Drive is a Class A industrial property that spans 47 acres and is fully leased to an investment-grade tenant in the health care industry as of January 2020 through a 10.5-year NNN lease. The property features a 36-foot clear height, truck courts ranging from 140 to 185 feet in depth, and 147 cross-dock high doors. The property also has 11,400 square feet of office space and a total of 355 surface parking spaces. 6275 Lance Drive is positioned within a business park just west of I-215 and just southwest of the I-215 and I-60 interchange.
“The successful execution of this transaction within an uncertain economic environment is a testament to the strength of the asset, which has a long-term lease with a credit tenant and is situated in one of the most desirable industrial submarkets in the country,” said Brett Ulrich, principal at PGIM Real Estate, who led the transaction on the firm’s behalf.
The financing was brokered by a team led by Val Achtemeier of CBRE’s Debt and Structured Finance Group.
Media Contact
Caroline Bligh
973-802-6837
caroline.bligh@pgim.com
About PGIM Real Estate
As one of the largest real estate managers in the world with $179.4 billion in gross assets under management and administration1, PGIM Real Estate strives to deliver exceptional outcomes for investors and borrowers through a range of real estate equity and debt solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the $1.3 trillion global asset management business of Prudential Financial, Inc. (PFI). (NYSE: PRU).
PGIM Real Estate’s rigorous risk management, seamless execution, and extensive industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing2, and the deep local expertise of professionals in 32 cities globally. Through its investment, financing, asset management, and talent management approach, PGIM Real Estate engages in practices that ignite positive environmental and social impact, while pursuing activities that strengthen communities around the world. For more information visit PGIM Real Estate.
About PGIM and PFI
PGIM, the global asset management business of PFI. (NYSE: PRU), ranks among the top 10 largest asset managers in the world3 with more than $1.3 trillion in assets under management as of March 31, 2020. With offices in 16 countries, PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including public fixed income, private fixed income, fundamental equity, quantitative equity, real estate and alternatives. For more information about PGIM, visit pgim.com.
PFI’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PFI, please visit news.prudential.com.
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.
1 As of March 31, 2020. Includes US$37.9 billion in AUA.
2 Includes legacy lending through PGIM’s parent company, PFI.
3 As ranked in Pensions & Investments’ Top Money Managers list, May 27, 2019; based on PFI total worldwide institutional assets under management as of Dec. 31, 2018. Assets under management (AUM) are based on company estimates and are subject to change.
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