Prudential Mortgage Capital created a $91-million "A note," rated AAA by Moody's and Fitch, which will be securitized. A $64.4-million "B note" will be held by The Prudential Insurance Company of America's general account.
"This loan structure allows us to employ our broad range of capital sources to provide RREEF with a loan package that has the pricing advantages of the capital markets and the kind of flexibility normally afforded to portfolio loans," says David Durning, managing director for loan originations at Prudential Mortgage Capital.
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