Prudential Mortgage Capital Company today announced it provided a $44
million loan to a joint venture between Stockbridge Capital Group and
TriBridge Residential to acquire Venue, a 366 unit luxury apartment
complex in the Elizabeth neighborhood of Charlotte, NC. Prudential
Mortgage Capital Company is the commercial mortgage lending business of
Prudential Financial Inc. (NYSE:PRU).
“The healthy demand for multifamily in the Charlotte real estate market
and the strength of our partner helped to make this transaction
successful,” said Lee McNeer, a principal with Prudential Mortgage
Capital Company’s Charlotte office, who led the transaction. “The team
at TriBridge worked with us through the acquisition process to ensure a
seamless transaction, and we look forward to working with them in the
future on similar deals.”
The Elizabeth neighborhood, less than three miles from the central
business district, is a short commute to large employers in the city and
is proximate to a 1.5 mile, under construction street car project, which
is designed to transport neighborhood residents swiftly into center-city
Charlotte.
"Elizabeth is a very desirable Charlotte neighborhood with high barriers
to entry, and we expect Venue to be a cornerstone of our portfolio for
many years to come,” said Yates Dunaway, vice president of acquisitions
at Tribridge Residential. “Lee and the team at Pru worked with us from
the beginning to secure this off-market transaction and delivered a very
attractive pre-stabilized execution for us.”
Venue’s Class-A units include hand scraped hardwood floors, granite
countertops and stainless steel appliances, while the community
amenities include a theatre room, grilling areas and resort style pool.
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