Pru Sets $173M Loan Package for Prologis/Macquarie Venture

NEWARK, NJ-Prudential Mortgage Capital Co., based here, the commercial mortgage lending arm of Prudential Financial, has put together a $173 million loan package for a venture consisting of ProLogis and Macquarie Prologis Trust. The complex deal was done on behalf of the general account of the Prudential Insurance Co. of America.

“This was a fast-moving and highly structuring financing requiring a two-stage closing, floating rate and rate-resetable fixed-rate notes, and involving properties in the U.S. and Mexico,” according to Frederick Van Overbeek, a principal for Prudential Mortgage Capital. “We are able to provide the venture with the flexibility and rapid closing they required.”

According to Van Overbeek, “the funding consists of three five-year acquisition loans secured by 29 industrial properties in 13 states, adding up to more than 6.3 million sf of space.” He notes that most of the assets are distribution centers that have been constructed during the last several years. Tenants occupying the facilities include names like Unilever, Barnes & Noble, Subaru of America and Nippon Express.