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Prudential Mortgage Capital Company Provides $425 Million In Financing For Chicago, Seattle Office Towers

Stocks in this article: PRU

Prudential Mortgage Capital Company today announced that it provided $425 million in financing for two office properties in Chicago and Seattle, building on the momentum of its second highest yearly production in 2012 and moving toward its 2013 production goal of up to $13 billion. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

“Although the office sector has been slow to recover, high-quality transactions such as these have continued, particularly in major markets,” said Thomas Goodsite, a managing director with Prudential Mortgage Capital Company’s Atlanta office who led the transactions. “We expect to do more of these types of deals as the economy continues to recover, and this sector will play a key role in helping us achieve our 2013 originations goals.”

In Chicago, the company provided a $300 million loan for 155 North Wacker, a 1.15 million square-foot office tower located in the West Loop submarket. The 10-year, fixed-rate loan refinances the property for the borrower, which developed it in 2009. Located on the Northeast corner of Wacker Drive and Randolph Street, the property is 94.6 percent leased, is within walking distance of major public transportation lines and is just minutes from major highways that provide ready access to the surrounding suburbs.

The 46-story, Class A building is LEED Gold certified and features a glass lobby, state-of-the-art technology including high-speed “smart” elevators, floor-to-ceiling windows, and conference and fitness centers.

In Seattle, Prudential Mortgage Capital also provided a $125 million, 12-year loan to AEW Capital Management to refinance West 8 th Street, a 498,893-square-foot, Class-A office tower. It is situated on Westlake Avenue directly adjacent to major public transportation lines and minutes from major highways. The property was developed in 2009 and was purchased by AEW in November 2012. AEW acquired the property on behalf of AEW Core Property Trust (U.S.), an open-end core real estate fund.

The building, which is also LEED Gold certified, features a spacious outdoor terrace, childcare facility, conference and training center, full-service restaurant, fitness facility, yoga studio and a coffee bar. The 28-story tower is 97 percent occupied, including anchor tenant Amazon.com, which occupies 16 floors.

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