Transitional
PGIM Real Estate offers a non-recourse, core plus financing product for light transitional, light value-add, bridge and stabilized commercial real estate loans for all property types in primary and secondary markets.
Core Plus
- Senior debt from $25 million to $150 million
- 3 to 7 years inclusive of extension options
- Up to 80% loan to value as-stabilized
- Non-recourse, except for bad-boy carve-outs
- Flexible prepayment with yield maintenance
- Future funding, release flexibility, interest reserve and earnout funding
- Fees for financing, exit and extensions may be applicable
- Bulk Distribution / Industrial
- Apartments
- Grocery-Anchored Retail
- Dominant malls
- Senior Housing
- Office
- Other Specialty Assets
Impact Bridge Program
Prudential's Impact Investments group and PGIM Real Estate have partnered together to provide the Impact Bridge Program. This program provides expedited financing for the acquisition, refinance or light repositioning of affordable housing properties. The goals of the program are to generate financial return and positive, measurable social impact.
- Early rate lock
- Fixed and Floating Rate
- Loans of $3M and greater
- 1-5 year loan term inclusive of extension options
- Up to 80% LTV
- Minimum 1.25x DSCR
- Yield maintenance
- Non-recourse except for standard commercial carve outs
- Structured prepayment options
- Supplemental loan program
- Forward commitments
- Single asset substitution option
- Conventional Multifamily
- Manufactured Housing
- Senior Housing
- Structured Multi-Asset Credit Facilities
- Student Housing
"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 for our investors."
