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.