Prudential Johnson Apartment Capital Express to originate multifamily loans for Freddie Mac Program Plus®
NEWARK, N.J.–(BUSINESS WIRE)– Prudential Mortgage Capital Company and Johnson Capital announce the creation of Prudential Johnson Apartment Capital Express, a strategic partnership that combines the strengths of Prudential and Johnson to originate and service loans for Freddie Mac under the Program Plus® and Targeted Affordable Loan programs. Prudential Mortgage Capital is the commercial lending business of Prudential Financial, Inc. (NYSE: PRU).
“We are excited to announce this strategic partnership with Johnson Capital, which not only expands our financing capabilities to the Freddie Mac’s Program Plus® program, but also highlights our commitment to multifamily financing,” said David Durning, senior managing director, Prudential Mortgage Capital Company. “Our relationship with Johnson has evolved over 20 years and we are confident that this new partnership will successfully build upon the exceptional track record of both firms over many years.”
Prudential Johnson Apartment Capital Express will originate multifamily loans from $5 million and above in Arizona, California, Maryland, Washington, D.C. and Virginia.
A full-service commercial and multifamily mortgage finance business, Prudential Mortgage Capital originates loans across capital sources. The company has provided more than $16.4 billion in multifamily mortgages over the last five years, originating more than $2.4 billion in 2009.
“Johnson Capital and Prudential have enjoyed a great 20 year relationship,” said Guy Johnson, president, Johnson Capital. “This strategic partnership takes our relationship to the next logical step. We are very enthusiastic about all the financing opportunities we can now offer our multifamily clients – truly a win-win for all.” For more information on Johnson Capital, visit http://www.johnsoncapital.com.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $62.5 billion in assets under management and administration as of December 31, 2009. Leveraging a 130-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Freddie Mac Targeted Affordable Housing programs, Fannie Mae DUS™, FHA; Prudential’s general account; and other institutional investors. The company maintains a loan servicing portfolio of approximately $63 billion, as of December 31, 2009. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $667 billion of assets under management as of December 31, 2009, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. In the U.S., the company’s Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential’s businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit http://www.news.prudential.com.
Prudential Mortgage Capital Company
Lisa Iurato, 973-802-5345
Theresa Miller, 973-802-7455
Source: Prudential Mortgage Capital Company