LONDON, October 06, 2015 - Prudential Mortgage Capital Company has provided a $197 million (£130m) loan to GCP Student Living to finance a five property, student housing portfolio, the company announced today. Prudential Mortgage Capital Company, which does business in the UK and Europe as Pricoa Mortgage Capital, is the commercial mortgage lending business of Prudential Financial Inc. (NYSE:PRU).
The fixed rate loan has a term of nine years, and is secured by a portfolio of five properties located in London and Greater London, totaling over 1,700 units.
“We are delighted to support GCP Student Living's dual goals of continued asset expansion and sustainable income returns for their investors, securing long term fixed rate finance across their portfolio,” said David Gingell, director of European originations at Prudential Mortgage Capital Company.
Tom Ward, partner at Gravis Capital Partners, investment manager to GCP Student Living, commented, “We are very pleased to have entered into a partnership with Prudential. The new facility provides the company with long term fixed rate debt financing at a strong point in the cycle and thereby secures the continued financial stability of the company for the forthcoming years.”
Chalkhill Partners advised GCP Student Living on the transaction.
The properties are all of modern construction, feature vibrant interiors and were designed to maximise the space of each unit. On-site services and facilities include food and beverage options, study areas, gyms, high-speed wi-fi, mobile-app controlled laundry areas, and common-use social areas.
Prudential Mortgage Capital Company has seen an increased borrower appetite in Europe for long-term, fixed-rate senior debt. This is the UK office’s latest transaction following on from a $241 million (£155 million) loan to Access Self Storage completed in August 2015.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $87.3 billion in assets under management and administration as of June 30, 2015. Leveraging a 140-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 $85.0 billion, as of June 30, 2015. 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, 2015, 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.