PGIM Real Estate Finance has provided $18.1 billion in financing in 2018 with record production in multifamily and core-plus lending.
Overall debt lending and agriculture investment production increased 22 percent over its prior-year totals. The increases included significant growth in the company’s agency lending business, international originations and core-plus lending.
Financing facility highlights include:
• A record $6.2 billion in conventional and affordable multifamily loans on behalf of Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA)
• $16.7 billion in U.S. multifamily, industrial, office, retail and other sectors • $878 million in agricultural debt
• $980 million in core-plus financing
• $1.4 billion in international markets such as Australia, Canada, Japan, the U.K. and other European nations
“In 2018, we broadened our recent focus on affordable and market rate apartment and industrial property loans to include an increased emphasis on higher yield loans to reflect secular trends around home ownership and ecommerce and increased investor appetite for higher income producing assets,” said David Durning, chief executive officer of PGIM Real Estate Finance.
“In 2019, we expect strong commercial real estate fundamentals to continue, supported by steady economic growth and investor discipline, while continuing to focus on finding loans along the core to core-plus continuum in the U.S., Europe, Australia and Japan.”