Prudential Mortgage Capital Company today announced that it provided $47.6 million in financing to Milestone Apartments REIT (MST.UN.TO) for two multifamily properties in Colorado and Georgia. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
In Colorado, Prudential Mortgage Capital Company’s general account provided a seven-year, fixed rate $22.3 million loan for Canyon Chase, a 358-unit apartment community in Westminster, a growing suburban city located between downtown Denver and Boulder. Built in 1986, Canyon Chase features a pool and fitness center and is close to several shops, restaurants and entertainment venues.
In the Atlanta suburb of Cumming, Ga., Prudential Mortgage Capital Company provided a $25.3 million seven-year, fixed-rate Fannie Mae loan for Preston Pointe at Windermere, a 346-unit apartment community. Originally built in 2001 as Century Windermere, it is considered part of the Alpharetta/Cumming submarket and is close to major employment hubs like John’s Creek. Also nearby are recreational parks and the Windermere Golf Club, a private, 18-hole golf course.
“The location of these properties in high-growth submarkets of major metropolitan areas along with their solid demographics, strong renter bases and the strength of the borrower, made these transactions extremely attractive to us,” said Brian Salyards, a principal with Prudential Mortgage Capital Company’s multifamily originations team who led the transactions out of the company’s Boston office. “They are also examples of Prudential Mortgage Capital’s flexibility in being able to provide debt through multiple sources tailored to individual situations.”Milestone Apartments REIT is an unincorporated, open-ended real estate investment trust that is governed under the laws of Ontario. The REIT's portfolio consists of 54 multifamily garden-style residential properties, comprising 17,648 units that are located in 11 major metropolitan markets throughout the Southeast and Southwest United States. Milestone Apartments REIT is the largest REIT listed on the TSX focused solely on the U.S. multifamily sector. The REIT operates its portfolio through its internal property management company, Milestone Management, with more than 900 employees across the U.S. The Milestone Group, based in Dallas, Texas, is the external asset manager of the REIT. For more information, please visit www.milestonereit.com. The Milestone Group is a privately-held real estate investment management company with approximately US$2.5 billion of assets under management. The firm has corporate offices in Dallas, TX and New York, NY with regional acquisition and management offices across the United States. Founded in 2004, The Milestone Group has a strong track record of investing in the U.S. multifamily sector, including completion of more than US$4.5 billion in multifamily transactions. For more information, please visit http://www.milestonegp.com. Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $74 billion in assets under management and administration as of June 30, 2013. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $71.9 billion, as of June 30, 2013. For more information, please visit http://www.prumortgagecapital.com. Prudential Financial, Inc. (NYSE:PRU), a financial services leader with more than $1 trillion of assets under management as of June 30, 2013, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit www.news.prudential.com.