Prudential Mortgage Capital Company provides £32.4 loan to refinance Fizzy Living multifamily portfolio

LONDON--(BUSINESS WIRE)-- Prudential Mortgage Capital Company provided a £32.4 million ($49.4 million) loan to refinance Fizzy Living’s UK Private Rented Sector portfolio. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU), which is headquartered in the US, and is one of the largest commercial mortgage lenders in the US.

The 10-year, fixed-rate loan is secured by four PRS properties totaling 246 units and located in Stepney Green, Canning Town, Poplar and Epsom in Greater London.

“This portfolio offers a compelling combination of excellent quality assets, good locations and strong sponsorship. We look forward to seeing more opportunities like this one and to the expansion of our relationship with Fizzy Living over the coming years,” said Aaron Knight, a director with Prudential Mortgage Capital Company.

Drew Abernethy, head of European originations for Prudential Mortgage Capital Company commented, “Multi-family is a preferred property type of Prudential Mortgage Capital Company's in the US, and we are excited to support the growth of the burgeoning PRS in the UK. For the foreseeable future, our appetite for portfolios like this one is likely to exceed the supply.”

Geeta Nanda, chief executive officer of Thames Valley Housing commented, “This is another great first for Fizzy and Thames Valley Housing. Having first shown that PRS is deliverable in the UK, this demonstrates that the strength of the Fizzy model is extremely attractive to equity and third party debt investors alike. We are delighted to have conducted this debt package with Prudential Mortgage Capital Company who are a new player in the market, and hope that it will be the beginning of a long term partnership.”

In 2015, Prudential Mortgage Capital Company has up to €1 billion ($1.05 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, Germany and other major countries at the request of clients (subject to legal and regulatory considerations). The firm also seeks opportunities to finance transactions in collaboration with local banks, especially on the European continent where local legal and regulatory frameworks permit.

Thames Valley Housing Association (TVH), based in Twickenham, South West London, was founded in 1966. The association owns, manages and administers loans for over 14,500 properties in London, Berkshire, Surrey, Hampshire, Oxfordshire, Buckinghamshire, Wiltshire and Sussex, and has 567 properties under construction. TVH provides affordable rented homes, shared ownership, market rent, student and key worker accommodation, working with eight NHS Trusts. In year 2013-14, the association generated a financial surplus of £8.2 million, turnover of £82m on assets of over £1bn.

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.

Prudential Financial, Inc.
John Chartier, 973-802- 9829
[email protected]

Source: Prudential Financial, Inc.

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