February 13, 2019
Chicago-based PGIM Real Estate Finance originated a record $18.1 billion in financing in 2018, led by record production in multifamily and core-plus lending. The commercial mortgage finance business of PGIM Inc. has as much as $18 billion available for financing in 2019, and will look to target growth in the agency business, industrial loans, international lending, and core-plus opportunities.
The group’s overall debt lending and agriculture investment production increased 22% over its prior-year totals. The increases included significant growth in the company’s agency lending business, international originations and core-plus lending.
PGIM’s David Durning says, “In 2019, we expect strong commercial real estate fundamentals to continue, supported by steady economic growth and investor discipline, while continuing to focus on finding loans along the core to core-plus continuum in the U.S., Europe, Australia and Japan.”
2018 financing highlights include:
- A record $6.2 billion in conventional and affordable multifamily loans on behalf of Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA)
- $16.7 billion in U.S. multifamily, industrial, office, retail and other sectors
- $878 million in agricultural debt
- $980 million in core-plus financing
- $1.4 billion in international markets, such as Australia, Canada, Japan, the U.K. and other European nations
*Pictured Link Apartments Linden in Chapel Hill, NC
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