CHARLOTTE, N.C.--(BUSINESS WIRE)--Prudential Mortgage Capital Company today announced it provided a $44 million loan to a joint venture between Stockbridge Capital Group and TriBridge Residential to acquire Venue, a 366 unit luxury apartment complex in the Elizabeth neighborhood of Charlotte, NC. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. (NYSE:PRU).
“The healthy demand for multifamily in the Charlotte real estate market and the strength of our partner helped to make this transaction successful,” said Lee McNeer, a principal with Prudential Mortgage Capital Company’s Charlotte office, who led the transaction. “The team at TriBridge worked with us through the acquisition process to ensure a seamless transaction, and we look forward to working with them in the future on similar deals.”
The Elizabeth neighborhood, less than three miles from the central business district, is a short commute to large employers in the city and is proximate to a 1.5 mile, under construction street car project, which is designed to transport neighborhood residents swiftly into center-city Charlotte.
"Elizabeth is a very desirable Charlotte neighborhood with high barriers to entry, and we expect Venue to be a cornerstone of our portfolio for many years to come,” said Yates Dunaway, vice president of acquisitions at Tribridge Residential. “Lee and the team at Pru worked with us from the beginning to secure this off-market transaction and delivered a very attractive pre-stabilized execution for us.”
Venue’s Class-A units include hand scraped hardwood floors, granite countertops and stainless steel appliances, while the community amenities include a theatre room, grilling areas and resort style pool.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $84.7 billion in assets under management and administration as of December 31, 2014. 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 $81.3 billion, as of December 31 2014. 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 December 31, 2014, 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.
