NEWARK, N.J., Aug. 20, 2026 – PGIM’s Real Estate Investment Group has provided a $30.4 million mezzanine construction loan to Provident Realty Advisors for the development of a Class A industrial project in the Baytown submarket of Houston, Texas. The mezzanine loan was provided alongside senior financing from Bank OZK, with Northmarq arranging the debt financing, and joint venture equity provided by Junction Commercial Real Estate.
The development will comprise 1.3 million square feet across three buildings near the Port of Houston, the No. 1 port in the United States by waterborne tonnage. The project expands Provident Realty Advisors’ Port 99 development following the successful lease-up of Phase I and is designed to serve continued demand from port-dependent logistics, distribution, and manufacturing users.
“This financing reflects our ability to deliver tailored construction debt solutions for experienced developers executing industrial projects,” said Daniel Kattan, executive director at PGIM. “Houston remains one of the country’s most attractive industrial markets, supported by its strategic location, world-class logistics infrastructure, and long-term economic growth. We look forward to expanding our relationships across Texas and continuing to finance high-quality opportunities throughout the state.”
“We are pleased to provide senior financing alongside PGIM for this industrial development in Houston, backed by a quality sponsor and favorable market fundamentals,” said Victor Reynoso, managing director of originations at Bank OZK.
“We were honored to once again partner with Christen Vestal and the Provident Realty team on another transformative industrial development at Port 99 Phase 2,” said Warren Hitchcock, managing director of Northmarq’s Houston office. “Having the opportunity to arrange both the senior financing with Bank OZK and the mezzanine financing with PGIM demonstrated the tremendous institutional demand for well-located logistics assets adjacent to the Port of Houston. The level of interest this project generated from leading capital providers speaks not only to the strength of the Houston industrial market, but also to Christen and Provident’s exceptional track record of execution. We are grateful for the trust in Northmarq and proud to help deliver the capital supporting the next phase of growth for Houston’s continued industrial renaissance, including one of the region’s premier industrial developments.”
ABOUT PGIM
PGIM is the global asset management business of Prudential Financial, Inc. (NYSE: PRU), with $1.5 trillion in assets under management.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 1,500+ 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 PROVIDENT REALTY ADVISORS
Provident is a privately held real estate and investment firm with over three decades of success across multiple market cycles driven by foresight, experience, and adaptability to changing markets. Provident focuses on delivering exceptional risk-adjusted returns to investor partners through the development of opportunistic and value-add strategies. Since its founding in 1991, Provident has developed or invested in over $7.5 billion in real estate projects nationwide. For more information, visit provident.net.
ABOUT BANK OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial, cold storage, self-storage, and retail. For the five years ended June 30, 2026, RESG originated approximately $38.75 billion in new loans. For more information, visit ozk.com.
ABOUT NORTHMARQ
Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing, and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $80 billion and has completed $91.3 billion in transactions over the past four years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide.
ABOUT JUNCTION COMMERCIAL REAL ESTATE
Junction Commercial Real Estate is a Houston-based, full-service commercial real estate firm providing expertise in development, investment management, construction management, and brokerage. With more than 110 years of combined experience, the Junction team has completed billions of dollars in commercial real estate transactions and projects across the United States and internationally. Junction combines an entrepreneurial approach with deep market knowledge and disciplined execution to create value for clients, investors, and stakeholders. The firm’s integrated capabilities span the full real estate lifecycle, from acquisition and development through construction management, asset management, disposition, and brokerage. For more information, visit junctionusa.com.
1As of June 30, 2026.
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 the Important Disclosures page on pgim.com for additional information.
This information is for informational purposes only and 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; however, PGIM does not guarantee its accuracy or completeness. Information may be changed without notice, and PGIM has no obligation to update it.
PGIM and its affiliates may develop and publish research that is independent of and different from the information contained herein.
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.
The brand “PGIM” (and the formerly-used brand “PGIM Real Estate”) encompass both (1) a real estate fund advisory business headquartered in Newark, New Jersey, which operates as a business unit of PGIM, Inc ., an SEC-registered investment adviser organized as a New Jersey corporation, formerly under the name “PGIM Real Estate,” and (2) a commercial real estate debt origination and asset management platform which operates through a separate, affiliated legal entity known as PGIM Real Estate Finance, LLC (“PGIM REF”), a Delaware limited liability company. Several officers of PGIM REF are also associated with PGIM, Inc., and, from time-to-time, may provide services to PGIM in their capacities as officers of PGIM that are separate and distinct from the services they provide as officers of PGIM REF. PGIM Real Estate Finance, LLC is registered with the California Department of Financial Protection & Innovation under license number 60DBO-105210. Loans made or arranged pursuant to a California Finance Lenders Law license.
© 2026 Prudential Financial, Inc. (PFI) and its related entities. All rights reserved.
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