Prudential Johnson Apartment Capital Express closes $13.6 million permanent loan for Constellation Ranch Apartments
NEWARK, N.J. - Prudential Mortgage Capital Company, through its strategic alliance with Johnson Capital, Prudential Johnson Apartment Capital Express, announced that it has closed its first loan on behalf of Fannie Mae’s Delegated Underwriting and Servicing DUSTM Program. The $13.6 million fixed rate, 10 year loan arranged by David Susank in Johnson Capital’s Irvine office and John Jacobs in Prudential’s Los Angeles office was provided for the acquisition of Constellation Ranch Apartments in Fort Worth, Texas. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
"Constellation Ranch Apartments is a great example of the types of loans we strive to originate through our relationship with Prudential Johnson Apartment Capital Express. The clients, private investors from Southern California, acquired a quality development within minutes of major employment centers. We are proud of the role we played in financing this project through the Fannie Mae DUSTM Program," said David Susank, senior vice president with Johnson Capital. "Fannie Mae played a critical role by providing competitive financing terms including 10 years of interest only payments which provided the borrower the flexibility to aggressively pursue this acquisition."
Situated on 27 acres in Forth Worth, Constellation Ranch Apartments includes 324 garden-style units and features numerous amenities, including a fitness center, pool, picnic areas, movie theater, game room and free Wi-Fi access. Unit interiors feature luxury finishes with slate floors, name-brand appliances, custom cabinetry, walk-in closets and balconies. The complex offers easy access to I-30, I-20, I-35 and I-45.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $64.3 billion in assets under management and administration as of June 30, 2010. 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 DUSTM, Freddie Mac Program PlusTM and specialized affordable housing programs; FHA; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $65.8 billion, as of June 30, 2010. For more information, please visit http://www.prumortgagecapital.com.
Headquartered in Irvine, California and founded in 1987, Johnson Capital is one of the largest independently owned real estate finance companies in the U.S., having originated over $6.4 billion in multifamily loans over the past six years.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $690 billion of assets under management as of June 30, 2010, 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, investment management, and real estate services. 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/