Prudential Mortgage Capital provides EUR200 million loan to refinance World Trade Centre, Amsterdam
Prudential Mortgage Capital Company has closed a $228 million (EUR200 million) refinance of CBRE Dutch Office Fund World Trade Centre, Amsterdam, (a fund managed by CBRE Global Investors). Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU) and is one of the largest commercial mortgage lenders in the United States.
The six-year, fixed rate loan is secured by the 1.3 million square foot World Trade Centre (WTC) complex in Amsterdam’s South Axis sub-market. Configured over nine buildings, the WTC is home to over 250 individual office tenants with extensive communal amenities such as conferencing facilities, restaurants and parking.
“WTC Amsterdam is one of the most highly thought of office properties in the Netherlands. Its popularity with occupiers, both local and international, has proven true throughout the cycle. As a consequence, Prudential Mortgage Capital Company worked with CBRE Global Investors to structure high levels of flexibility within the loan so that CBRE Global Investors’s asset management activities can continue at the property,” said David Gingell, a director with Prudential Mortgage Capital Company.
The financing also marks the first transaction in continental Europe under the newly expanded discretionary mandate with Friends Life. This mandate has now been expanded to include continental Europe, boosting Prudential Mortgage Capital Company’s single loan limit on a given deal throughout Europe.
Drew Abernethy, head of European originations for Prudential Mortgage Capital Company commented, “We see the world-class air, rail and road connections South Axis enjoys as a key differentiator which will work to support the fundamentals of this sub-market through time.”
In 2015, Prudential Mortgage Capital Company has up to $1.1 billion (EUR1 billion) available for long-term, fixed-rate senior debt transactions in Europe, with the ability to do significantly more than
this. All European debt will be denominated in local currency and secured by income-producing real estate. Prudential Mortgage Capital Company is primarily interested in office, industrial, multifamily and retail properties in and around large population centers in countries such as the UK, Netherlands and other major countries at the request of clients.
The firm also seeks opportunities to finance transactions in collaboration with local banks, especially on the European continent.
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(R), Freddie Mac Program Plus(R) 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.
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