PGIM Real Estate Finance originated $18.1 billion in financing over the course of 2018, it announced, led by record production in multifamily and core-plus lending.
PGIM Real Estate Finance is the commercial finance business of PGIM Inc., the $1 trillion global investment management business of Newark-based Prudential Financial Inc.
The company has as much as $18 billion available for 2019 financings, it said, with a goal of targeting growth in the agency business, industrial loans, international lending and core-plus opportunities.
Highlights from 2018 included:
- $16.7 billion in U.S. multifamily, industrial, office, retail and other sectors;
- $6.2 billion in conventional and affordable multifamily homes, a record;
- $1.4 billion in international markets;
- $980 million in core-plus financing;
- $878 million in agricultural debt.
“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 homeownership and e-commerce and increased investor appetite for higher income-producing assets,” David Durning, PGIM Real Estate Finance’s CEO, said in a prepared statement. “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.”