LONDON, October 14, 2015 - Prudential Mortgage Capital Company has closed a £181.5m ($278m) refinancing for 99 Bishopsgate, London. 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 10-year, fixed rate loan is secured by the 340,000 square-foot, 26 story prime tower building in the City of London and was completed over the summer. The property is 100 percent let to a diverse mix of tenants from the legal, financial services, and professional services sectors.
“99 Bishopsgate is a recognizable feature of London’s skyline and one of the city’s most iconic buildings, popular with both local and international occupiers. Being a long term holder of our own debt, Prudential Mortgage Capital Company was able to offer a structure that matched the client’s asset management requirements whilst locking in long term interest rates,” said Aaron Knight, director of European originations at Prudential Mortgage Capital Company.
This is the latest transaction following on from the £270m Watermark Place, the £155m Access Self Storage and the £130m GCP Student Living loans completed by Prudential Mortgage Capital Company over the summer, reflecting an increased borrower appetite in Europe for long-term, fixed-rate senior debt.
Bryan McDonnell, head of European originations for Prudential Mortgage Capital commented, “As an organization, we continue to expand our global presence by supporting both domestic and international clients.”
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.