Prudential Mortgage Capital Company today announced that it provided
$47.6 million in financing to Milestone Apartments REIT (MST.UN.TO) for
two multifamily properties in Colorado and Georgia. Prudential Mortgage
Capital Company is the commercial mortgage lending business of
Prudential Financial, Inc. (NYSE:PRU).
In Colorado, Prudential Mortgage Capital Company’s general account
provided a seven-year, fixed rate $22.3 million loan for Canyon Chase, a
358-unit apartment community in Westminster, a growing suburban city
located between downtown Denver and Boulder. Built in 1986, Canyon Chase
features a pool and fitness center and is close to several shops,
restaurants and entertainment venues.
In the Atlanta suburb of Cumming, Ga., Prudential Mortgage Capital
Company provided a $25.3 million seven-year, fixed-rate Fannie Mae loan
for Preston Pointe at Windermere, a 346-unit apartment community.
Originally built in 2001 as Century Windermere, it is considered part of
the Alpharetta/Cumming submarket and is close to major employment hubs
like John’s Creek. Also nearby are recreational parks and the Windermere
Golf Club, a private, 18-hole golf course.
“The location of these properties in high-growth submarkets of major
metropolitan areas along with their solid demographics, strong renter
bases and the strength of the borrower, made these transactions
extremely attractive to us,” said Brian Salyards, a principal with
Prudential Mortgage Capital Company’s multifamily originations team who
led the transactions out of the company’s Boston office. “They are also
examples of Prudential Mortgage Capital’s flexibility in being able to
provide debt through multiple sources tailored to individual situations.”
Milestone Apartments REIT is an unincorporated, open-ended real estate
investment trust that is governed under the laws of Ontario. The REIT's
portfolio consists of 54 multifamily garden-style residential
properties, comprising 17,648 units that are located in 11 major
metropolitan markets throughout the Southeast and Southwest United
States. Milestone Apartments REIT is the largest REIT listed on the TSX
focused solely on the U.S. multifamily sector. The REIT operates its
portfolio through its internal property management company, Milestone
Management, with more than 900 employees across the U.S. The Milestone
Group, based in Dallas, Texas, is the external asset manager of the
REIT. For more information, please visit www.milestonereit.com.
The Milestone Group is a privately-held real estate investment
management company with approximately US$2.5 billion of assets under
management. The firm has corporate offices in Dallas, TX and New York,
NY with regional acquisition and management offices across the United
States. Founded in 2004, The Milestone Group has a strong track record
of investing in the U.S. multifamily sector, including completion of
more than US$4.5 billion in multifamily transactions. For more
information, please visit http://www.milestonegp.com.
Prudential Mortgage Capital Company is a national full-service,
commercial and multifamily mortgage finance business with more than $74
billion in assets under management and administration as of June 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 $71.9 billion, as of June 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 June 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.
Copyright Business Wire 2013