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11/25/2013

Prudential Mortgage Capital Company closes $324 million refinancing in the Netherlands

Prudential Mortgage Capital Company closes $324 million refinancing in the Netherlands

London – Prudential Mortgage Capital Company has provided $324 million of financing to Q-Park, the second largest parking company in Europe, secured against a portfolio of 13 structured parking facilities that it owns and operates in the Netherlands. The deal, which funded in October, represents Prudential Mortgage Capital Company’s second mortgage loan in continental Europe since launching its European business in 2012. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

The $324 million loan has a five-year term and is predominantly fixed rate, though it includes a small floating rate component. It follows Prudential Mortgage Capital Company’s first transaction in continental Europe in April, 2013, when it provided $72 million of a total $91.5 million financing package secured against a portfolio of six Dutch logistics properties owned by W.P. Carey, Inc., a U.S.-based publically traded REIT (NYSE:WPC).

Following this latest transaction, Prudential Mortgage Capital Company is on track to exceed its 2013 goal of providing $800 million (€600 million, £500 million) of long-term, fixed-rate senior debt transactions in Europe, and has the ability to lend significantly more than this if it sources the right opportunities. The European program offers similar loan structures to those the company offers in the US and, as in the US the firm has the ability to fund individual transactions of significant size.

All European debt will be denominated in local currency and secured by income-producing real estate. Prudential Mortgage Capital Company is primarily focused on office, logistics, multi-family and retail properties in and around large population centres such as London, the major cities in Germany, Paris, and the Netherlands. The company also seeks opportunities to finance transactions in collaboration with local banks, especially on the European continent.

“The Q-Park refinancing is an excellent example of our program’s flexibility when we are presented with compelling real estate and strong sponsorship,” said Drew Abernethy, head of European originations. “Our ability to finance large deals without the uncertainties that some borrowers associate with syndicated debt is creating opportunities in the European markets we target.”

Thor Orndahl, a managing director who oversees Prudential Mortgage Capital Company’s non-U.S. mortgage platforms, said, “Our mortgage business in Europe continues to grow as high quality borrowers like Q-Park embrace what our program offers. More and more, euro and sterling-denominated loans are a very meaningful part of our global mortgage business.”

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $76 billion in assets under management and administration as of September 30, 2013. 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 $74.2 billion, as of September 30, 2013. 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, 2013, 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.



 


 


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