NEWARK, N.J., October 20, 2021 – PGIM Real Estate has arranged a $106.763 million Fannie Mae credit facility on behalf of a nationwide owner and operator of affordable housing communities for a nine-property multifamily affordable housing portfolio located across Texas, New Mexico and Colorado. 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 properties—encompassing more than 1,200 affordable units—are located in five different urban centers, all with strong demand for affordable housing. The 30-year fixedrate loan will be used to repay existing debt and provide cash out that will be used to fund additional property acquisitions. The sponsor hopes to acquire enough properties to add $100 million or more of new debt to the facility over the next three to five years.
Read the full press release at the link below