NEWARK, N.J., Nov. 16, 2021 – PGIM Real Estate has arranged $105.24 million in Fannie Mae refinance loans on behalf of Goldrich Kest, a privately owned diversified real estate owner and operator, for six multifamily properties located throughout California. PGIM Real Estate is the real estate investment and financing business of PGIM, the $1.5 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
The 15-year fixed-rate, full-term interest-only loans will be used to refinance the apartment communities — including three market-rate properties and three Section 8 Affordable properties — located in five cities with strong demand for multifamily housing: Los Angeles, San Diego, San Jose, Capitola and Baldwin Park. As full-term interest-only loans, the borrower, who is a generational owner, will reduce their monthly payments and lock in attractive interest rates.
“Our experience working with Goldrich Kest on previous Fannie Mae transactions gave us a solid foundation on which to build a financing solution to meet their needs,” said Jaime Zadra, managing director of Originations at PGIM Real Estate, part of the team who originated the loans on the firm’s behalf. “Combining affordable transactions, which meet Fannie Mae’s housing goals, with market-rate transactions resulted in optimal loan terms.”
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