QMA appoints new head of US Consultant Relations
Pamela Clancy joins QMA as managing director, head of U.S. Consultant Relations, overseeing a team of three, and based in Newark, New Jersey.
HOUSTON, Jan. 14, 2020 – PGIM Real Estate has arranged a $48 million Freddie Mac unfunded forward commitment to provide permanent financing for Red Line Station, a planned 300-unit mixed-income apartment complex in Houston. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The borrower, The NRP Group, a vertically integrated, best-in-class developer, builder and manager of multifamily housing, will use the 10-year loan with a 35-year amortization to pay off its construction loan and refund a portion of sponsor equity at conversion to permanent. The land and building will be subject to a ground lease from an affiliate of the City of Houston requiring that at least 50% of the units be rent- and income-restricted to families earning less than 80% of the Area Median Income (AMI).
“We’re glad to have had the opportunity to support NRP, Freddie Mac and the City of Houston in achieving the collective goal of increasing the supply of high-quality workforce housing in the city,” said Alex Viorst, principal at PGIM Real Estate Finance. “The transaction is also expected to spur economic development in the area by encouraging further residential — as well as commercial — construction that will draw additional residents and businesses to the community.”
Red Line Station is located in the Near Northside neighborhood of Houston, less than one mile north of its downtown. The site is part of the proposed 43-acre Hardy Yards master-planned mixed-use community that will feature a music center, public parks, retail shops, groceries, restaurants, affordable housing, single-family homes and luxury apartments.
“PGIM and Freddie Mac are two capital partners we can rely on to consistently provide capital to support housing for the moderate-income renter, an underserved population,” said George Currall, principal and managing director of capital markets for The NRP Group. “At The NRP Group, with our experience developing both luxury market-rate and affordable housing, at scale, workforce housing like Red Line Station is our sweet spot.”
About PGIM Real Estate
PGIM Real Estate, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business. Offering one of the most comprehensive lines of real estate finance products in the world, PGIM Real Estate originates loans for Fannie Mae DUS®, Freddie Mac and specialized affordable housing programs; FHA; the firm's general account; and other institutional investors. For more information, please visit PGIM Real Estate.
About PGIM and Prudential Financial, Inc. (PFI)
With 16 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of PFI (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with $1.3 trillion in assets under management as of Sept. 30, 2019. With offices in 15 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 additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information, please visit our newsroom.
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.
About The NRP Group
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has delivered more than 35,000 apartment homes, and currently manages over 19,000 residential units. The company utilizes the entire breadth of its in-house capabilities to fulfill its mission: creating exceptional rental housing opportunities for individuals and families, regardless of income.
Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market-rate, affordable, and senior housing. As a three-time recipient of the National Association of Builders Multifamily Development Firm of the Year and recognized Top 25 Developer by Multifamily Executive, NRP is leveraging its decades of practice by also providing construction and property management services to outside owners and developers. For additional information, visit nrpgroup.com
*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.