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MONUMENT, COLO., Dec. 5, 2017 – PGIM Real Estate Finance has provided a $48.1 million acquisition loan for Vistas at Jackson Creek in Monument, Colorado. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc. (NYSE: PRU).
The 35-year HUD 223(f) loan is secured by the Class-A apartment community, which is situated on more than 14 acres and is minutes away from Interstate 25, offering convenient access to a wide array of shopping, dining and other local attractions. Nearby Colorado Springs is a popular tourist destination, and other local attractions include the U.S. Air Force Academy and the U.S. Olympic Training Complex.
“This transaction highlights our ability to utilize HUD 223(f) for acquisition financing. There were many moving parts and tight timelines, but we exceeded expectations through our focused and experienced underwriting and processing teams,” said Patrick Kempton, principal and transaction lead for PGIM Real Estate Finance. “As a newly constructed apartment complex in a desirable location between Denver and Colorado Springs, Vistas at Jackson Creek makes a great addition to our portfolio. We look forward to closing additional transactions in the West Region with our partners at the Denver HUD office.”
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The transaction was brokered by Marcus & Millichap.
“This transaction is yet another testament to the power of PGIM Real Estate Finance and Marcus & Millichap’s partnership,” said Richard Katzenstein, senior vice president, National Director at Marcus and Millichap. “We were able to provide a full-service experience for our clients, and add additional capabilities to our team, capping off a tremendous 2017.”
Vistas at Jackson Creek features 267 units within 12 three-story apartment buildings. Phase I of the complex, consisting of 177 units, was constructed in 2012. Phase II, with 90 units, was completed in 2015. In addition, the property earned the U.S. Environmental Protection Agency’s Energy Star certification in October.
Community amenities include a resort-style swimming pool, picnic area and playground, clubhouse building, fitness and yoga area, and covered parking. In-unit features include custom cabinetry, granite countertops, washer/dryer, walk-in closets and wood plank flooring.
About PGIM Real Estate Finance
PGIM Real Estate Finance, the commercial mortgage business of PGIM, the trillion-dollar global investment management business of Prudential Financial, Inc. (NYSE: PRU), is an international full-service, commercial and multifamily mortgage finance business with $89.7 billion in assets under management and administration as of September 30, 2017. Leveraging a 140-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac and specialized affordable housing programs; FHA; Prudential’s general account; and other institutional investors. For more information, please visit pgimref.com.
With 14 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world with more than $1 trillion in assets under management as of September 30, 2017. 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 fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit pgim.com. For more information about Prudential, 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.