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 ranked as #1 in Affordable Housing Green Loans and #4 in Affordable Production in 2018 by Fannie Mae. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management businesses of Prudential Financial, Inc.
Key transactions for 2018 included a $49 million loan for a 135-unit property in New York, NY using the Fannie Mae Green Rewards program, and a $20 million supplemental loan for a 315-unit senior living facility in Oakland, CA. Head of PGIM REF’s affordable lending and FHA lending team, Hal Collett said, “Our team takes great pride in the impactful role we play in the creation and preservation of affordable housing. Whether it be an acquisition, construction, or repositioning opportunity we are focused on assisting our clients with both permanent and transitional products that will enable them to execute on their business plan.”
PGIM REF is specially licensed to provide financing for income and/or rent restricted multifamily properties through Fannie Mae, Freddie Mac, and FHA. The company is one of the nation’s leading originators of FHA multifamily and affordable loans. At the end of 2018 they recorded $6.6 billion in FHA assets under management, $2.8 billion in Affordable assets under management, and a total portfolio of 54,800 Affordable Housing units preserved. This all contributes to a record year for PGIM Real Estate Finance, with $18.1 billion in total financing.