Prudential Mortgage Capital Co. has launched a new short-term loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan.
Under its Agency Gateway program, the company will target loans of $5 million to $25 million secured by fully constructed or renovated multifamily properties that are well-located but have not yet reached stabilized occupancy levels. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc.
‘We are excited to offer this new source of financing for multifamily properties which addresses a clear need of multifamily owners and investors in today's market,’ says David Durning, senior managing director at Prudential Mortgage Capital. ‘In addition to offering our multifamily borrowers more flexibility for financing higher-quality properties, we believe this program complements Prudential's existing Fannie Mae DUS Lending Program, as well as our Freddie Mac Program Plus program offered through Prudential Johnson Apartment Capital Express.’
Prudential Mortgage Capital has provided more than $16.4 billion in multifamily mortgages over the last five years, originating more than $2.4 billion in 2009.
SOURCE: Prudential Mortgage Capital