Prudential Mortgage Capital Company has provided $160 million in financing to a co-investment venture managed by San Francisco-based Prologis, L.P., for a portfolio of industrial buildings in Mexico. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).
The fixed-rate, five-year refinancing is secured by 21 industrial and warehouse distribution buildings with 4.7 million square-feet of usable space. The property portfolio comprises modern properties in Mexico’s leading industrial markets of Mexico City and Guadalajara and is more than 95 percent leased to a broad mix of multinational and regional tenants.
Frederick van Overbeek, a principal with Prudential Mortgage Capital Company, and Elizabeth Velazquez, a director, led the transaction.
“The loan is secured by a high quality, well-located and well-leased industrial property portfolio. When combined with the strength, experience, and local market expertise of Prologis, this is a compelling mortgage investment for Prudential,” said van Overbeek.
“The significant improvement in Mexico’s economy over the past couple of years along with continued manufacturing growth bodes well for Mexico’s industrial real estate sector,” added Velazquez.
“We chose to refinance this portfolio with Prudential Mortgage Capital Company because of its professionalism, reliability and superior quality of service. Prudential Mortgage Capital is a sophisticated, relationship-oriented lender that understands our needs,” said Gayle Starr, senior vice president of capital markets for Prologis.
Prologis, Inc. is one of the leading owner, operator and developer of industrial real estate, focused on global and regional markets across the Americas, Europe and Asia. As of September 30, 2011, Prologis owned or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 55.7 million square meters in 22 countries. The company leases modern distribution facilities to more than 4,500 customers, including manufacturers, retailers, transportation companies, third-party logistics providers and other enterprises.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $69.5 billion in assets under management and administration as of September 30, 2011. 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 $66.9 billion, as of September 30, 2011. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $871 billion of assets under management as of September 30, 2011, 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, investment management, and real estate services. 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 http://www.news.prudential.com/
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