NEWARK, N.J., Sept. 8, 2025 – PGIM has provided a $19.2 million mezzanine loan on behalf of its structured debt strategy to Asia Capital Real Estate (ACRE) and Nord Development for the construction of Carriage House, a multifamily property in Patchogue, New York.
The property, located at 214 W. Main Street, will consist of 262 units across two buildings and feature high quality finishes and amenities. Twenty percent of the unit mix will be affordable housing at varying levels of area median income. The project includes the development of a new riverwalk and park area of over 30,000 square feet between the buildings.
“We’re pleased to provide mezzanine financing for this exceptional multifamily development in Patchogue, which benefits from a vibrant downtown, strong transit connectivity to New York City, and a growing base of residents attracted to its walkability and waterfront access,” said Shaunak Tanna, executive director for PGIM’s real estate business. “Demand for quality rental housing from both young professionals and long-term residents makes Patchogue a compelling market for multifamily investments, and we’re proud to support ACRE and Nord Development in advancing this project and creating lasting value for the community.”
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 assets,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 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.
PGIM’s real estate business is the world’s third-largest real estate investment manager, with $213 billion in gross assets under management and administration,2 and real estate professionals located in 30+ cities worldwide. 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.
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 NORD DEVELOPMENT GROUP
Nord Development Group is a Long Island-based real estate developer creating design-forward, multifamily communities that blend modern luxury with lasting value. Fully vertically integrated, Nord oversees every phase — from acquisition and entitlements to construction, leasing, and long-term asset strategy — ensuring control, consistency, and quality at every step. Driven by a belief that buildings should elevate the people who live in them and the neighborhoods they’re part of, Nord Development Group specializes in wellness-oriented, aesthetically refined spaces that feel intentional and livable. With over three decades of combined experience across development, construction, and property management, the Nord team brings both legacy and innovation to each new address.
ABOUT ASIA CAPITAL REAL ESTATE
As the premier developer and operator of luxury multifamily communities, ACRE Development Partners is at the forefront of the industry through its fully integrated investment, development, construction, and property management platform. With a national footprint and over $4.4 billion in assets under management, ACRE brings a consistent, hands-on approach to every phase of the project lifecycle. From strategic site selection to long-term asset management, they create lifestyle-driven communities that reflect a deep commitment to quality, design, and operational excellence.
ABOUT NORD ACRE TRUST
Nord Acre Trust is a Long Island-based real estate development platform formed by Nord Development Group and ACRE Management to deliver transformative multifamily communities in high-growth, high-barrier markets. Backed by ACRE, a vertically integrated, global real estate investment platform with over $4.4 billion in assets under management and a footprint spanning 20 U.S. states, the Trust benefits from deep institutional capital, vertically integrated execution, and a robust pipeline of future projects. Its inaugural project, 214 West Main Street in Patchogue, is a 262-unit mixed-income development that reflects Nord Acre Trust’s mission to generate long-term value while delivering critical housing supply in underserved suburban downtowns — the project is expected to generate over 300 jobs throughout the course of construction and over $41 million in Public Benefits.
With a focus on design, optionality, and impact, the Trust leverages ACRE’s capital markets expertise and Nord’s development capabilities to scale thoughtful, community-oriented housing in dynamic East Coast submarkets.
1 As of June 30, 2025.
2 As of June 30, 2025. Net AUM is $138 billion and AUA is $47 billion. PGIM’s real estate business 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. This ranking represents AUM as of June 30, 2024. Participation in the ranking is voluntary and no compensation is required to participate in the ranking.
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