TAMPA, Fla., Aug. 4, 2025 – PGIM Real Estate has provided $110 million 5-year interest-only fixed rate financing on behalf of its core debt strategy to Cascade Investment LLC for the financing of Asher Residences in Tampa.

The 22-story apartment building is a part of the Water Street development in downtown Tampa and was completed in December 2021. It contains 490 units, including 97 furnished residences operated as part of the ROOST hotel component, designed to meet growing demand from visitors to the adjacent Amalie Arena and Tampa Convention Center.

“We remain strong believers in the differentiated nature of the Water Street Tampa project and the synergies created by its thoughtfully integrated components,” said Tom Goodsite, managing director at PGIM Real Estate, who led the transaction on the firm’s behalf. “The addition of Asher and its boutique ROOST hotel component builds on that momentum. ROOST blends the service and convenience of a boutique hotel with the comforts of apartment-style living, complementing the broader hospitality offerings across Water Street Tampa. The property benefits from a prime location within the submarket, supported by strong demographics and excellent access to employment and entertainment centers. We were pleased to partner with the borrower as they continue to help shape the evolution of Water Street Tampa.”

Water Street Tampa, a $3 billion to $4 billion mixed-use development spanning approximately 56 acres of former parking and vacant land, has completed its first phase. The initial development is anchored by new office, residential, hotel and retail projects adjacent to Amalie Arena, home of the Tampa Bay Lightning NHL ice hockey team. Development beyond that initial pocket is now underway, setting the stage for further mixed-use expansion in the evolving district.

ABOUT PGIM REAL ESTATE

PGIM Real Estate is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,1 and real estate professionals located in 30+ cities worldwide. Built on our belief that strong performance is fueled by dynamic expertise, our global network of on-the-ground specialists is dedicated to opportunity creation, optimization, and timely capital deployment amid shifting market conditions.

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. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). For more information visit pgimrealestate.com.

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 more than $1.44 trillion in assets², 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 other retail investment vehicles. With 1,450+ investment professionals across 42 offices in 19 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.

¹ As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM Real Estate 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.

² As of June 30, 2025.

REF ID 4679215

PGIM Real Estate is the real estate investment management business of PGIM, the principal asset management business of Prudential Financial, Inc. (“PFI”), a company incorporated and with its principal place of business in the United States. PGIM is a trading name of PGIM, Inc. and its global subsidiaries. PGIM, Inc. is an investment advisor registered with the U.S. Securities and Exchange Commission (the “SEC”). Registration with the SEC does not imply a certain level of skill or training. 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. Prudential, PGIM, their respective logos and the Rock symbol are service marks of PFI and its related entities, registered in many jurisdictions worldwide. For more information, please visit pgimrealestate.com.

The brand “PGIM Real Estate” encompasses both (1) a fund advisory business headquartered in Newark, New Jersey, which operates as a business unit of PGIM, Inc., an SEC-registered investment advisor organized as a New Jersey corporation (“PGIM”), under the name “PGIM Real Estate,” and (2) a commercial real estate debt origination and advisory 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 Real Estate in their capacities as officers of PGIM that are separate and distinct from the services they provide as officers of PGIM REF.