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Prudential Financial : Mortgage Capital Company provides $110 Million Loan for Washington, D.C. Apartment Community

03/31/2015 | 10:02am US/Eastern

Prudential Mortgage Capital Company today announced it provided a $110 million Fannie Mae loan to a real estate investment manager to acquire Residences on the Avenue, a 335 unit apartment community in the Foggy Bottom neighborhood of Washington, D.C. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial Inc. (NYSE:PRU).

“This asset’s sponsorship, its location in Foggy Bottom, amenities and finishes all made this an extremely attractive transaction for us,” said Chuck Meyer, a principal with Prudential Mortgage Capital Company, who led the transaction. “Foggy Bottom is one of the most desirable neighborhoods in Washington, D.C. and is truly an in-fill neighborhood.”

The Foggy Bottom neighborhood is a mixed-use district, home to residential space, major cultural attractions, employers and recreational offerings. Residences on the Avenue’s location in Foggy Bottom makes it the only high-rise residential building between Georgetown and the Central Business District. The property is within close proximity to nearby employers such as the IMF and World Bank and is directly next to the Foggy Bottom Metro Station, offering convenient access to other parts of the city.

Residence on the Avenue’s Class-A units, completed in 2011, include premium finishes, while community amenities include a fitness and wellness center with a spa, rooftop deck with a pool and grilling areas, and 24 hour concierge service.

In addition to the residential space, the property includes 50,000 square feet of retail space, split into five units. Whole Foods Market is the anchor in a long-term lease.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $84.7 billion in assets under management and administration as of December 31, 2014. 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 $81.3 billion, as of December 31 2014. 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 December 31, 2014, 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.


© Business Wire 2015
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