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03/27/2013

Prudential Huntoon Paige provides $25 million financing for Utah multifamily project

Prudential Huntoon Paige provides $25 million financing for Utah multifamily project

SALT LAKE CITY – Prudential Huntoon Paige provided a $25.7 million construction loan insured by the Federal Housing Administration for Residences at Fairbourne, a 225-unit, transit-oriented multifamily project in West Valley City, Utah, near Salt Lake City, the company announced today. Prudential Huntoon Paige is the FHA-insured lending business of Prudential Mortgage Capital Company, the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The 40-year, fixed-rate loan will enable Salt Lake City-based ICO Development to build the four-story, Class-A apartment community located on W. Lehman Avenue, near the terminus of the West Valley TRAX line and an intermodal hub. The complex will include a 260-stall parking
garage as well as numerous amenities including a clubhouse, business center, fitness room, sports lounge and social areas.

"This is a transit-oriented development with numerous high end amenities that will enable residents to enjoy a maintenance-free, resort-like lifestyle. The development will provide value to the growing community of West Valley City by allowing better access to jobs, housing, and recreational and educational opportunities for residents," said Ernie Willmore, development director with ICO Development, part of the Ivory Commercial family of companies.

“The partnership with an experienced borrower such as ICO Development, combined with the transit-oriented focus of this property, made this an attractive transaction for us,” said Ann Cone, a director with Prudential Huntoon Paige’s Atlanta office, who led the transaction. Residences at Fairbourne is situated near several other construction projects also underway in the neighborhood including a new four-star, 162-room hotel, 200,000 square-feet of new office space and redevelopment of 200,000 square-feet of existing retail space. The complex was included as part
of a master plan that also called for development of a six acre city park adjacent to the property.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72.6 billion in assets under management and administration as of December 31, 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 $70.4 billion, as of December 31, 2012. For more information, please visit http://www.prumortgagecapital.com.

Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $1.060 trillion of assets under management as of December 31, 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



 


 


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