Prudential Mortgage Capital Company has closed a $241 million (£155
million) partial refinancing of Access Self Storage Limited on behalf of
Enddora Holdings Limited and Birchal Limited Partnership. Prudential
Mortgage Capital Company is the commercial mortgage lending business of
Prudential Financial, Inc. (NYSE:PRU).
The fixed rate loan, with a term of more than 10 years, is secured by a
portfolio of properties located in Greater London, the Midlands and the
South.
“Access Self Storage is a recognizable brand within the self storage
landscape, which continues to expand its presence within Greater London
and the UK. Prudential Mortgage Capital was able to offer Enddora
Holdings Limited and Birchal Limited Partnership a long term loan while
providing sufficient structural flexibility that allows the team to
execute their business plan unhindered,” said Aaron Knight, director of
European originations at Prudential Mortgage Capital, which does
business in the UK and Europe as Pricoa Mortgage Capital.
This is the latest transaction following on from the £270m Watermark
Place loan completed by Prudential Mortgage Capital in July 2015,
reflecting an increased borrower appetite for long-term, fixed-rate
senior debt.
Andrew de la Haye, a Director of Enddora Holdings Limited and Birchal
Limited Partnership, commented: "A long-term debt relationship is
paramount to the execution success of the business plan for Access. In
Prudential, the business has found a solid long-term partner to help it
achieve its operational objectives."
Bryan McDonnell, head of European originations for Prudential Mortgage
Capital commented, “As a long term holder of our own debt, this is
another example of our ability to tailor our debt to the needs of our
Borrowers.”
Prudential Mortgage Capital Company is a national full-service,
commercial and multifamily mortgage finance business with more than
$87.3 billion in assets under management and administration as of June
30, 2015. 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 $85.0 billion, as of June 30, 2015. 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, 2015,
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.
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