PGIM Real Estate acquires six-story industrial building in Singapore for US$55 million
Luxasia Building is one of Singapore’s prime industrial assets, with a location that has made it ideal for consumer product and lifestyle-oriented tenants.
PGIM Real Estate Finance has hired Nicholas Hoffer as a principal in its new Tampa office. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1.2 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
In his role, Hoffer is responsible for direct loan originations with a specialized focus on affordable and workforce housing nationally, as well as on mixed-use community impact properties. He also leads loan originations for market-rate housing and other property types located throughout Florida.
Hoffer primarily works with clients to finance the acquisition, development or recapitalization of properties using loan programs offered by Fannie Mae, Freddie Mac, and the Federal Housing Administration (FHA), in addition to PGIM Real Estate Finance’s balance sheet lending and investment programs.
“We’re thrilled to have Nick on board as we focus on expanding our lending footprint in Florida and our affordable and workforce housing activity nationally,” said Hal Collett, managing director for FHA and affordable lending, PGIM Real Estate Finance. “We look forward to benefitting from Nick’s extensive knowledge of local, state and federal regulated housing programs, as well as his unique experience managing ‘social impact’ capital.”
Notably, Hoffer will leverage PGIM Real Estate Finance’s recently established partnership with Prudential’s Impact & Responsible Investing (IRI) group, which provides bridge lending to help mission-oriented developers acquire affordable housing complexes and make capital improvements. The collaboration with Prudential IRI allows the firm to provide short-term transitional financing.
Hoffer commented: “I’ve dedicated my career to helping clients finance properties that provide measurable social benefit to their communities. I’m excited to continue and expand on this work through the next chapter of my career at PGIM Real Estate Finance.”
Hoffer has significant experience with a range of housing programs, including Section 8 Project Based Rental Assistance and low-income housing tax credits, historic rehabilitation tax credits, tax-exempt private activity bonds, tax increment financing, property tax incentives, and state and local government subordinate financing.
Prior to PGIM Real Estate Finance, Hoffer was a managing director with Newmark Knight Frank, specializing in financing affordable, workforce and senior housing properties. Before that, he held similar roles at a national commercial real estate lender and global investment banks.
Hoffer has a Bachelor of Business Administration degree in finance from James Madison University and a Master of Business Administration from the University of Florida.