CHICAGO-Prudential Real Estate Investors and Prudential Mortgage Capital Co. have completed the financing for the merger of Boston-based Heritage Property Investment Trust and Bradley Real Estate Inc., which is based here.

While the combination was billed as a merger, Bradley REIT CEO Thomas D’Arcy said the deal is essentially a takeover of Bradley REIT by Heritage REIT.

The total financing package is $760 million, which involves $100 million of equity, which will leave Prudential with an 8% stake in Heritage, $235 million in mortgage financing and arrangement of $425 million in unsecured bank credit.

Prudential will be securitizing the $235 million mortgage portion of the financing in a single borrower CMBS issue next month. This deal will be separate from Prudential’s planned $1 billion CMBS conduit that will also be launched next month.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt. NET LEASE Fall 2023Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.