PGIM Real Estate has provided more than $1 billion in floating rate financing for the acquisition of a stake in a 22-property multifamily portfolio – its largest debt transaction of 2022.
PGIM Real Estate, the $206.8 billion real estate investment and financing business of PGIM, arranged the financing on behalf of an undisclosed residential real estate investment and property management company.
The portfolio features approximately 7,000 multifamily units located across the Southeast and Sun Belt markets. Of those units, over half meet the criteria for mission-oriented business, with 4,100 low-income units and 550 very low-income units.
“The success of this transaction and our ability to provide floating-rate financing against the backdrop of a turbulent market environment is a testament to the deep capabilities of our lending platform,” said Michael McRoberts, head of Agency lending for PGIM Real Estate and chairman of its Agency platform.
With $206.8 billion in gross assets under management and administration, PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture and impact solutions across the risk-return spectrum.