NEWARK, N.J.--(BUSINESS WIRE)--Prudential Mortgage Capital Company has closed a $125 million loan for Saul Centers, a Bethesda, Md.-based Real Estate Investment Trust (NYSE: BFS), on behalf of Prudential’s General Account. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
The loan provides construction take-out financing for Clarendon Center, a brand new 402,000 square-foot mixed use development located in Arlington, Va. that includes retail, office and luxury rentals in the Washington, D.C. metro area. The loan term is for 15 years with a 25-year amortization.
“Metro-oriented projects like this are in high demand right now, particularly when they are connected to major public transportation lines as is the case with Clarendon Center,” said Bryan McDonnell, a principal with Prudential Mortgage Capital Company, who lead the local deal team from Prudential’s Washington DC area office. “We are proud of our relationship with Saul Centers and look forward to continuing to provide them with excellent service throughout the term of this loan.”
Located at 3000 Wilson Boulevard and 3030 Clarendon Boulevard in Arlington, Va., Clarendon Center is a Class-A mixed use project consisting of two landmark towers situated adjacent to the Clarendon Metro station. With construction recently completed, the development is located on the prominent corner of Clarendon and Wilson Boulevards in the Rosslyn-Ballston corridor of Arlington – one of the most highly sought-after urban business and residential locations in the Washington, D.C. metropolitan area.
The south tower contains 244 luxury apartments, 75,500 square-feet of Class-A office space and 29,500 square-feet of ground floor retail anchored by Trader Joe’s. The north tower contains 95,500 square-feet of Class-A office space and 13,000 square-feet of fully-leased ground floor retail. The property has more than 600 parking spots in two underground garages.
“This project meets the demand for quality housing, retail and office space all within an easy reach of metropolitan Washington, D.C.,” said Frank Saul, president of Saul Centers. “We are proud to have worked with Prudential Mortgage Capital Company to help make this project a reality.”
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $65.2 billion in assets under management and administration as of December 31, 2010. 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; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $66.6 billion, as of December 31, 2010. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $784 billion of assets under management as of December 31, 2010, 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, investment management, and real estate services. 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/.