PGIM provides over $1.7 billion in core plus financing since launch of U.S. strategyPGIMprovidesover$1.7billionincoreplusfinancingsincelaunchofU.S.strategy

July 24, 2019 – PGIM has provided over $1.7 billion in core plus financing on behalf of institutional investors since launching its U.S. core plus lending strategy in late 2017. PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), has more than $1 trillion in assets under management and is a top-10 global money manager.

The total financings have been provided across 33 separate transactions, including over $563 million across 10 deals during the first half of 2019. Representative transactions include:

• $89 million refinance loan for an office and retail asset in New York City. Loan proceeds will be used to complete the re-leasing and light redevelopment of the property.
• $88 million acquisition loan for a medical office property in La Jolla, California. The bridge financing will be used for capital improvements, renewal tenant improvements and leasing commissions, along with the redevelopment of one building on the campus.
• $105 million bridge loan for a newly constructed multifamily asset in Boston.

“This robust loan activity demonstrates the demand for core plus real estate financing and our ability to source debt investments that will provide predictable, low risk income to our investors,” said Steve Bailey, managing director and senior portfolio manager for PGIM’s real estate debt strategies.

Marcia Diaz, head of originations at PGIM Real Estate Finance, said, “Through these financings, borrowers are now able to position their assets to ensure they remain competitive properties in an ever-changing real estate world. We look forward to continuing this momentum by completing additional light transitional and bridge loans for all property types in primary and secondary markets.”