NEWARK, N.J.--(BUSINESS WIRE)--Second graph, second sentence of release should read: xxx $913 million in CMBS loan originations and $9 billion in general account loans (sted $913 billion in CMBS loan originations and $9 billion in general account loans).
The corrected release reads:
Prudential Mortgage Capital Company provides $15.8 billion in financing in 2013
Achieves highest production year across platforms; raises target for 2014
Prudential Mortgage Capital Company provided $15.8 billion in financing, and had its highest production year in 2013, driven by international growth, conventional agency loans, CMBS originations and general account volume. The company, which exceeded its projected goal of $13 billion, also announced that it has as much as $14 billion available for financing in 2014. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).
The 2013 results represent a 30 percent increase from 2012’s $12.2 billion in financing. It includes $1.2 billion for new loans in Europe and Japan with $848 million originated by the London office in Europe; more than $2.2 billion in conventional agency loans, $913 million in CMBS loan originations and $9 billion in general account loans.
Also contributing to the record production was Prudential Agricultural Investments, which provided $740 million in agricultural loans.
“Being one of the few lenders with the ability to provide capital through a diverse platform combined with our relationships across the industry really drove last year’s record production,” said David Durning, CEO of Prudential Mortgage Capital Company. “Notably, a key driver for us in 2013 was a significant expansion in Europe and Japan thanks to a growing demand for longer term capital. Europe alone accounted for more than $800 million, including our first ever loan in The Netherlands. In 2014, continued international growth will be a priority along with our portfolio program in the U.S., our CMBS program and our Agency Gateway Program for multifamily properties.”
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $76 billion in assets under management and administration as of September 30, 2013. 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 $74.2 billion, as of September 30, 2013. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1 trillion of assets under management as of September 30, 2013, 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 www.news.prudential.com.