NEWARK, N.J. - (Business Wire) Prudential Mortgage Capital Company recently closed a $46.5 million loan in Mexico on behalf of its general account for Verde Realty. The fixed rate 84-month term loan was combined with an existing $93 million loan. The pooled portfolio comprises 22 industrial manufacturing properties located throughout Mexico, in Tijuana, Juarez, Reynosa and Chihuahua. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
The borrower, Verde Mexico, S. de R.L. de C.V., is a subsidiary of Verde Realty Operating Partnership, L.P, of which Verde Realty is the general partner.
The properties securing the combined $139.5 million loan total over 4.7 million square feet and were constructed between 1980 and 2008 on 287 acres of land. Terms of the loan were not disclosed.
Frederick van Overbeek and Elizabeth Velazquez of Prudential’s San Francisco office originated the loan.
“We are very pleased to expand our industrial property lending relationship with Verde,” said Elizabeth Velazquez, of Prudential Mortgage Capital Company’s San Francisco office.
Verde Realty was formed to invest in real estate opportunities created by population and commerce growth near the U.S. / Mexico border and aims to become the leading owner/operator of commercial border distribution facilities.
Said van Overbeek, “This loan is our fifth mortgage financing in Mexico and reflects Prudential’s commitment to financing high-quality and well-sponsored real estate in the country.”
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $62 billion in assets under management and administration as of June 30, 2008. With 130 years of experience in the real estate finance industry, Prudential Mortgage Capital originates loans for Fannie Mae DUS™, FHA and Freddie Mac Targeted Affordable programs; the capital markets; Prudential’s general account; and other institutional investors. The company offers fixed- and floating-rate loans; mezzanine, structured and bridge financing; forward commitments; affordable housing and healthcare finance. For more information, visit www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $638 billion of assets under management as of June 30, 2008, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping approximately 50 million individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com/.
Prudential
Lisa M. Iurato, 973-802-5345
lisa.iurato@prudential.com
