The loan was originated for the Union Mortgage Account, a commingled fund managed by Prudential Real Estate Fixed Income Investors. Sources at Matteson were not available for comment Tuesday morning to discuss its planned use of the funds.
The loan is secured by a five-story office building at 305 Walnut Street in Redwood City that is 100% leased and occupied. It was built to serve as headquarters for ABD Insurance and Financial Services. The mortgage broker on the transaction was John Shenk of Argus Financial Corp.
Prudential Mortgage is a national commercial mortgage finance business that originates mortgage loans for Fannie Mae and FHA programs, the capital and high-yield markets, Prudential's general account, and other institutional investors, including funds managed by Prudential Real Estate Fixed Income Investors. The company's combined servicing portfolio totals about $31 billion.
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