Prudential Mortgage Capital Company provides $26 million loan for Ohio apartment community
CHICAGO--(BUSINESS WIRE)--Prudential Mortgage Capital Company provided a $26 million Freddie Mac loan to Edwards Companies to refinance Arlington Park Apartments, a 284-unit apartment community in Hilliard, Ohio, an affluent suburb of Columbus, the company announced today. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
“The quality and location of the property coupled with the strength and reputation of the sponsor made this an attractive transaction”
Completed in 2010, Arlington Park’s Class-A units include granite countertops, brushed nickel hardware and lake views in certain apartments. Amenities include a resort-style pool, game room, movie theater, business center, valet dry cleaning and 24-hour emergency maintenance.
“The quality and location of the property coupled with the strength and reputation of the sponsor made this an attractive transaction,” said Chuck Meyer, a principal with Prudential Mortgage Capital Company’s multifamily originations team, who led the transaction. “We look forward to expanding our relationship with Edwards Company and supporting their efforts in the multifamily and student housing markets.”
Meyer, who recently joined Prudential and has 15 years of experience in commercial mortgage and multifamily mortgage finance, noted that Arlington Park’s location in the suburban community of Mill Run helped make this an attractive transaction.
“The neighborhood’s walkable, urban feel and character with nearby dining, recreation and services are some of the features that drive many to rent today as the project’s strong occupancy since its 2010 completion,” Meyer said.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $79 billion in assets under management and administration as of March 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 $76.7 billion, as of March 31, 2014. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with more than $1.1 trillion of assets under management as of March 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.