Prudential Mortgage Capital Company has closed a $228 million (€200
million) refinance of CBRE Dutch Office Fund World Trade Centre,
Amsterdam, (a fund managed by CBRE Global Investors). Prudential
Mortgage Capital Company is the commercial mortgage lending business of
Prudential Financial, Inc. (NYSE:PRU) and is one of the largest
commercial mortgage lenders in the United States.
The six-year, fixed rate loan is secured by the 1.3 million square foot
World Trade Centre (WTC) complex in Amsterdam’s South Axis sub-market.
Configured over nine buildings, the WTC is home to over 250 individual
office tenants with extensive communal amenities such as conferencing
facilities, restaurants and parking.
“WTC Amsterdam is one of the most highly thought of office properties in
the Netherlands. Its popularity with occupiers, both local and
international, has proven true throughout the cycle. As a consequence,
Prudential Mortgage Capital Company worked with CBRE Global Investors to
structure high levels of flexibility within the loan so that CBRE Global
Investors’s asset management activities can continue at the property,”
said David Gingell, a director with Prudential Mortgage Capital Company.
The financing also marks the first transaction in continental Europe
under the newly expanded discretionary mandate with Friends Life. This
mandate has now been expanded to include continental Europe, boosting
Prudential Mortgage Capital Company’s single loan limit on a given deal
throughout Europe.
Drew Abernethy, head of European originations for Prudential Mortgage
Capital Company commented, “We see the world-class air, rail and road
connections South Axis enjoys as a key differentiator which will work to
support the fundamentals of this sub-market through time.”
In 2015, Prudential Mortgage Capital Company has up to $1.1 billion (€1
billion) available for long-term, fixed-rate senior debt transactions in
Europe, with the ability to do significantly more than
this. All European debt will be denominated in local currency and
secured by income-producing real estate. Prudential Mortgage Capital
Company is primarily interested in office, industrial, multifamily and
retail properties in and around large population centers in countries
such as the UK, Netherlands and other major countries at the request of
clients.
The firm also seeks opportunities to finance transactions in
collaboration with local banks, especially on the European continent.
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.
Copyright Business Wire 2015