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PGIM Real Estate provides $50M loan for Mesa, Arizona apartment community

2021-10-28T16:07:00

MESA, A.Z., Oct. 28, 2021 – PGIM Real Estate has provided a $49.93 million acquisition loan facility on behalf of its U.S. core-plus strategy to Western Wealth Capital for the acquisition and renovation of Delano Apartments, a 265-unit single-story garden-style apartment community located in Mesa, Arizona. 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).

Western Wealth Capital will manage the property and complete renovations. A portion of the loan proceeds will be available to fund renovation capex work. The acquisition is Western Wealth Capital’s 108th multifamily real estate acquisition and 73rd multifamily acquisition in the Phoenix market.

“Western Wealth Capital has a strong reputation and deep experience in the greater Phoenix multifamily housing market,” said Trent Brown, executive director at PGIM Real Estate who led the origination of the loan on the firm’s behalf. “We were able to provide them with a loan facility on attractive terms to help them acquire the property and complete renovations aimed at improvements that will benefit tenants and add value to their investment.”

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