NEWARK, N.J. -- Prudential Mortgage Capital Company announced today that it recently originated two loans on behalf of its general account for EastGroup Properties: an $38 million refinancing loan for Hayward Industrial, in Hayward, California and a $78 million refinancing loan for a 17-property industrial portfolio located in Texas, Colorado, and Phoenix. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).
Hayward Industrial consists of two warehouse distribution buildings totaling 778,000 square feet. Built in 1988, these warehouses consist of 22’-26’ clear heights, 133 dock-high doors, and +/-12% office build-out.
The 2006 Industrial Portfolio consists of 17 properties totaling 1,315,830 square feet. The properties vary in characteristics, ranging from office/flex buildings to bulk warehouses, with clear heights from 18’-24’ and construction dates from 1987 to 2006. Both loans have 10-year terms and amortize over a 20-year period.
Tom Goodsite of Prudential’s Atlanta office originated the loans.
Prudential Mortgage Capital Company, a national full-service, commercial and multifamily mortgage finance business, originates loans for Fannie Mae DUS™ financing and FHA-insured programs, the capital markets, Prudential’s general account, and other institutional investors. The company, with $50.6 billion in assets under management and administration as of September 30, 2006, offers fixed and floating rate loans; mezzanine, structured financing and interim/bridge lending; affordable housing loans and forward commitments. For more information, visit www.prudential.com/mortgagecapital.