NEWARK, N.J., February 1, 2016 – Prudential Mortgage Capital Company today announced its 2015 year-end loan origination total. PMCC provided $14.6 billion in financing driven by strong production in conventional agency loans and increasing originations in international loans. The company also announced it has as much as $15 billion available for financing in 2016. PMCC is the commercial mortgage lending business of PGIM, the global investment management businesses of Prudential Financial Inc. (NYSE: PRU).
The 2015 results included some notable achievements:
- Lending within the U.S. of over $12.7 billion across multifamily, office, industrial and other sectors;
- International lending of $1.9 billion, including first time originations in Australia, France, Spain and reentry into the Canadian market;
- Nearly $3.4 billion in conventional and affordable multifamily loans across Fannie Mae, Freddie Mac and FHA;
- Agricultural debt and equity investments of $1 billion.
"Our 2015 achievements demonstrate our commitment to expanding our business. The results showcase our expertise in sourcing investments in attractive international markets, our leadership position in the U.S. commercial real estate finance market, and our continued strength in multifamily lending," said David Durning, CEO of PMCC. "In 2016, we intend to invest in and grow Prudential Agricultural Investments, our agricultural debt and equity platform. We also plan to further leverage our capabilities to meet broader investor demands, while continuing to be a significant debt source domestically in the United States."?
Prudential Mortgage Capital Company is an international full-service, commercial and multifamily mortgage finance business with more than $87.5 billion in assets under management and administration as of September 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 other institutional investors. The company maintains a loan servicing portfolio of approximately $85.75 billion, as of September 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 September 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.