This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

CORRECTING and REPLACING Prudential Mortgage Capital Company provides $15.8 billion in financing in 2013

Stocks in this article: PRU

Second graph, second sentence of release should read: xxx $913 million in CMBS loan originations and $9 billion in general account loans (sted $913 billion in CMBS loan originations and $9 billion in general account loans).

The corrected release reads:

Prudential Mortgage Capital Company provides $15.8 billion in financing in 2013

Achieves highest production year across platforms; raises target for 2014

Prudential Mortgage Capital Company provided $15.8 billion in financing, and had its highest production year in 2013, driven by international growth, conventional agency loans, CMBS originations and general account volume. The company, which exceeded its projected goal of $13 billion, also announced that it has as much as $14 billion available for financing in 2014. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).

The 2013 results represent a 30 percent increase from 2012’s $12.2 billion in financing. It includes $1.2 billion for new loans in Europe and Japan with $848 million originated by the London office in Europe; more than $2.2 billion in conventional agency loans, $913 million in CMBS loan originations and $9 billion in general account loans.

Also contributing to the record production was Prudential Agricultural Investments, which provided $740 million in agricultural loans.

“Being one of the few lenders with the ability to provide capital through a diverse platform combined with our relationships across the industry really drove last year’s record production,” said David Durning, CEO of Prudential Mortgage Capital Company. “Notably, a key driver for us in 2013 was a significant expansion in Europe and Japan thanks to a growing demand for longer term capital. Europe alone accounted for more than $800 million, including our first ever loan in The Netherlands. In 2014, continued international growth will be a priority along with our portfolio program in the U.S., our CMBS program and our Agency Gateway Program for multifamily properties.”

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,814.94 -2.96 -0.02%
S&P 500 2,067.03 -2.38 -0.12%
NASDAQ 4,758.2520 +3.36 0.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs