Prudential Mortgage Capital Company originates $10.5 million loan for Florida apartment community

JACKSONVILLE, Fla.--(BUSINESS WIRE)--Prudential Mortgage Capital Company has originated a $10.5 million Fannie Mae loan for an affiliate of Palatine Capital Partners Management, LLC to finance its purchase of a Jacksonville, Fla., apartment community. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

“As one of the newest properties in this area, its high occupancy, potential for future condominium sales and its proximity to key area office, recreational and shopping areas made this transaction extremely attractive to us”

The borrower is using the loan to acquire The Villas at Dames Point Crossing, a 180-unit apartment community located near I-295 providing quick access to local beaches, the airport, downtown Jacksonville, Mayport Naval Station and the Southside office market. Originally constructed in two phases as condominiums between 2006 and 2007, the owner opened the complex to rentals following the 2008 U.S. financial crisis. The Villas, which remains titled as a condominium, is the newest community constructed in the Arlington submarket of Jacksonville and is more than 90 percent occupied.

“As one of the newest properties in this area, its high occupancy, potential for future condominium sales and its proximity to key area office, recreational and shopping areas made this transaction extremely attractive to us,” said Brian Salyards, a principal with Prudential Mortgage Capital Company, who originated the transaction. “We look forward to continuing our relationship with Palatine Capital Partners Management.”

“This was a complicated execution which transpired over many months,” said Alex Hurst, Palatine’s founder and managing partner. “It was a fantastic addition to our 3,500 unit portfolio. We look forward to continuing to grow our footprint in Florida and the Southeast.”

Palatine Capital Partners Management, LLC is a private real estate principal firm focused on situational asset level investing in the United States. Palatine specifically pursues opportunistic equity investments in apartment properties and acquires performing and non-performing whole loans nationwide in every asset class. Since inception in 2007, Palatine has acquired interests in over $715 million of assets, including over 3,500 apartment units, 265,000 square feet of commercial space and 20 whole loans.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72 billion in assets under management and administration as of June 30, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $69.2 billion, as of June 30, 2012. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/