PGIM Real Estate has promoted Kelly Follain to become head of Agency Lending. Follain, currently chief operating officer for PGIM Real Estate’s Agency Lending business, will assume her responsibilities effective Jan. 1, 2024, following the current head of Agency Lending Mike McRoberts’ decision to retire on March 31, 2024.
McRoberts, who joined PGIM Real Estate in 2011, has been instrumental in transforming the business into a best-in-class multifamily platform. Under his leadership, PGIM Real Estate’s Agency servicing portfolio has grown to nearly $45 billion.
Bryan McDonnell, head of U.S. Debt and chair of Global Debt, commented: “Our Agency Lending platform is a critical element of PGIM Real Estate’s debt offering. Over the last 12 years, Mike has built an incredibly successful business and has been a leader in the multifamily industry for decades. Kelly is an established leader in the industry, and her track record of helping to grow the business and building strong, effective teams makes her the ideal person to drive our business forward.”
Follain brings deep industry expertise to her new role with a career spanning 25 years. Prior to joining PGIM Real Estate in 2016, Follain was a vice president, Underwriting & Credit, with Freddie Mac.
Additional leadership appointments include Jamila Houser, executive director, who has been promoted to chief operating officer for Agency Lending, and Rick Del Roio, executive director, who will assume the role of head of Credit for Agency while maintaining his responsibilities as chief underwriter for Fannie Mae and Freddie Mac. Stephanie Wiggins will continue as head of Production for Agency Lending. Houser, Del Roio and Wiggins will report in to Follain.
“I’m excited by the opportunity to lead a highly skilled and committed team of multifamily experts. As we navigate this challenging market, my primary objective is to enhance our well-established platform to meet borrower demand and continue to be a trusted advisor to our clients,” said Follain.