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08/28/2012

Prudential Mortgage Capital Company provides $64 million in financing to Washington, D.C., office building

Prudential Mortgage Capital Company provides $64 million in financing to Washington, D.C., office building

WASHINGTON, D.C. – Prudential Mortgage Capital Company provided $64 million in financing for The Liberty Building, a 10-story office building located in the downtown Golden Triangle business district in Washington D.C. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU).

The 12-year, fixed-rate loan is for an entity controlled by Liberty Washington, LP, a joint venture between an institutional investor and Liberty Property Trust, a Philadelphia-based real estate investment trust. The Liberty Building at 1129 20th Street NW is a 176,059 square foot, Class-A office building that was recently LEED Gold certified through the U.S. Green Building Council’s Leadership in Energy and Environmental Design rating program. Liberty Washington, LP,
purchased the building in 2007 and performed a complete renovation to modernize and upgrade the property.

“The property’s high quality, combined with the local market fundamentals and strong sponsorship, make The Liberty Building an attractive investment,” said Justin Levitt, a director with Prudential Mortgage Capital Company’s New York office who led the transaction. “We look forward to providing Liberty Washington excellent service during the loan term.”

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 visithttp://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/



 


 


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