Prudential Mortgage Capital Company posts strong originations 2011

Published on Tuesday, 07 February 2012 10:08 Written by TradersHuddle Staff

NEWARK, N.J.-( Business Wire )-

Prudential Mortgage Capital Company originated nearly $9.7 billion in commercial mortgages for 2011, surpassing its 2010 level of $9.1 billion, making it the company’s third largest production year ever. Prudential Mortgage Capital, which is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU), also said it is looking to provide up to $11.6 billion in financing for 2012.

“We continued to see compelling opportunities to increase our appetite in commercial mortgages throughout 2011 including our return to CMBS loan originations and our balance sheet program for unstabilized apartments. We are looking to grow our program across portfolio, balance sheet, Agency, FHA, and CMBS originations again in 2012,” said David Twardock, president of Prudential Mortgage Capital. “Prudential Mortgage Capital’s success is a measure of our strength in the execution and servicing of our loans.”

The company also announced that its 2011 origination included 26 billion Yen on new loans in Japan. The country will continue to be a focus in 2012, supporting Prudential Financial’s growing insurance business there. Prudential Mortgage Capital also plans to expand its lending platform to include the United Kingdom.

“The changing global landscape is providing new opportunities for attractive portfolio diversification while supporting Prudential’s larger international growth objectives,” Twardock added. “As our clients have diversified their operations internationally, they especially value Prudential’s ability to offer attractive long term fixed-rate loans in selective non-US markets.”

“Our steady growth in 2011 across all capital sources underscores the breadth of activity in the commercial real estate market as well as the recognition among our clients of our ability to provide them the variety and quality of debt capital sources they seek,” said David Durning, senior managing director of Prudential Mortgage Capital. “We are well-positioned for continued growth in 2012 in all our markets.”

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $69.5 billion in assets under management and administration as of September 30, 2011. Leveraging a 135-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 $66.9 billion, as of September 30, 2011. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $871 billion of assets under management as of September 30, 2011, 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 http://www.news.prudential.com/

Prudential Financial, Inc.John Chartier, This e-mail address is being protected from spambots. You need JavaScript enabled to view it.