Prudential Mortgage Capital Company provided $131.7 million in first
mortgages to Lock Up/Evergreen Storage, LLC secured by a portfolio of 18
self-storage properties throughout the U.S., the company announced
today. Prudential Mortgage Capital Company is the commercial mortgage
lending business of Prudential Financial, Inc. (NYSE:PRU)
The properties, which are located in Chicago, Minneapolis, Florida, New
Jersey, Hawaii and Massachusetts, include 13,422 units totaling
1,148,000 net rentable square feet. The majority of the properties are
Class A, featuring modern construction and located in predominantly
dense, high-income urban locations. The properties were built or
converted to self-storage use between 1982-2009 and are collectively
86.5 percent occupied as of April, 2014.
“As the U.S. economy improves with many Americans choosing to rent
instead of own, the fundamentals of the self-storage market continue to
improve, especially for high-quality, proven assets in major markets,”
said Frances Bo, a loan originator in Prudential Mortgage Capital
Company’s San Francisco office who co-led the transaction.
The financing is comprised of a $20 million, seven-year, floating rate
tranche, and a $111.7 million, 10-year, fixed rate tranche.
“The fixed and floating rate loan structure was tailored to the specific
needs of the borrower and exemplifies Prudential Mortgage Capital
Company’s ability to provide custom, flexible and cost effective
financing solutions,” Bo said.
Frederick van Overbeek, a principal with Prudential Mortgage Capital
Company’s San Francisco office added, “Prudential Mortgage Capital
Company is very pleased to continue and expand our long-standing
relationship with Lock Up/Evergreen.”
“This is now our third large portfolio transaction with the Prudential
Mortgage Capital team,” stated Rick Hielscher, a partner with The Lock
Up, “and we find they uniquely understand and appreciate our sector, our
company and our specific assets. With this financing, we are thrilled to
be strengthening our long relationship with one of the nations’ premier
permanent lenders.”
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.
Copyright Business Wire 2014