NEWARK-Prudential Mortgage Capital Co. has originated two loans on behalf of its general account for EastGroup Properties for assets located in the western US. Both loans were originated for Prudential Mortgage Capital, the commercial lending business of Prudential Financial Inc., by the firm's Tom Goodsite.
The larger of the two deals is a $78-million refinancing of EastGroup's 17-property 2006 Industrial Portfolio. The properties, located in Texas, Colorado and Arizona, consist of a mix of office/flex, warehouse/distribution and bulk warehouses built between 1987 and 2006.
The second transaction is a $38-million refinancing of Hayward Industrial in Hayward, CA. Hayward Industrial consists of two warehouse/distribution buildings adding up to nearly 800,000 sf, built in 1988. Both loans have 10-year terms and amortize over a 20-year period.
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