PGIM Real Estate bolsters US structured debt originations team with two senior hiresPGIMRealEstatebolstersUSstructureddebtoriginationsteamwithtwoseniorhires

In an effort to strengthen its deployment of value-add capital by adding dedicated resources across the U.S., PGIM Real Estate has hired Shaunak Tanna to lead structured debt originations for the East and Midwest regions and Daniel Kattan to lead structured debt originations for the West and Southwest regions. PGIM Real Estate is the $206.8 billion real estate investment and financing business of global asset manager PGIM.

Tanna joins PGIM Real Estate with more than 18 years of real estate finance experience. He was most recently head of structured investments for Basis Investment Group, managing the structured finance team focused on bridge, mezzanine and preferred equity investments for stabilized, development and transitional value-add properties. He managed separate accounts, joint venture investor relationships and successfully deployed a discretionary comingled debt fund. Tanna previously worked at Terra Capital Partners and The Greenwich Group International.

Kattan, who joined PGIM Real Estate earlier this year, was previously a vice president of acquisitions and originations with Canyon Partners, where he originated and structured debt and equity, including senior and mezzanine loans, and preferred equity, across five of Canyon’s real estate strategies. Prior to his time at Canyon, Kattan worked at Colony Capital and CliftonLarsonAllen.

“As interest rates rise and capital becomes more difficult to access in the real estate market, the opportunity for structured debt has strengthened and PGIM Real Estate is uniquely positioned to meet market demand, with capital available to invest and — now — with a senior team of loan officers dedicated to deploying it,” said Melissa Farrell, managing director and head of U.S. debt originations for PGIM Real Estate.

She added, “Due to the reduction of leverage levels seen in core and core-plus financing, structured loans will be needed in the market to fill that gap. We expect that the opportunities will only increase as distressed situations emerge in 2023 as a result of higher interest rates and continued market volatility.”

Year to date, PGIM Real Estate’s originations team has completed $2.6 billion in core-plus and value-add debt transactions across the U.S., with a focus on opportunities in industrial, multifamily, senior housing, manufactured housing and self-storage, as well as select office, retail and residential condo opportunities.