Prudential Mortgage Capital Company provides $142.5 million in financing to Douglas Emmett, Inc. for Warner Center Towers
Prudential Mortgage Capital Company provides $142.5 million in financing to
Douglas Emmett, Inc. for Warner Center Towers
SAN FRANCISCO, August 21, 2012 - Prudential Mortgage Capital Company provided one half of a $285 million loan made to Douglas Emmett, Inc. (NYSE:DEI) for Warner Center Towers, a 1.9 million square-foot office campus near Los Angeles. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU). Northwestern Mutual is providing the other $142.5 million.
The seven-year, fixed-rate financing is a new loan for Warner Center, which is situated on 21.1 acres in Woodland Hills, Calif., and consists of five office towers, a well-known gym and a restaurant.“The high profile of the property in the Warner Center development and its easy access to major transportation hubs, all spoke to the strength of this transaction,” said Andrei Gog, an associate with Prudential Mortgage Capital Company. “Following completion of a $355 million transaction on a one million square-foot portfolio for the company in 2011, Prudential Mortgage Capital Company is pleased to continue its lending relationship with Douglas Emmett,” added Frederick van Overbeek, a principal with Prudential Mortgage Capital Company’s San Francisco office who, together with
Gog, led the transaction.
“This is a premier office property with a diverse tenant roster and Douglas Emmett’s exceptional sponsorship – the kind of deal that makes a lot of sense for our long-term portfolio,” noted Joe Mancinelli, who led the team for Northwestern Mutual Real Estate Investments. Located near a park-like setting with a landscaped plaza, fountains and panoramic views of the Santa Monica Mountains and San Fernando Valley, Warner Center Towers is the largest office complex in the San Fernando Valley with access to the 101 freeway and a major metro transit spot. It is also located near two shopping malls.
Jordan L. Kaplan, President and CEO of Douglas Emmett stated, “Prudential is truly a relationship lender that walks their talk, and there is no better proof than the fact that this is our second large loan closing with them within twelve months.”
Added William Kamer, Chief Investment Officer of Douglas Emmett, “We are also pleased that Northwestern Mutual provided half of the $285 million financing. Northwestern Mutual and Prudential worked together as an effective team resulting in a very smooth loan origination process which we greatly appreciate.”
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72 billion in assets under management and administration as of June 30, 2012. 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 $69.2 billion, as of June 30, 2012. For more information, please visith ttp://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, 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/