NEWARK, N.J.--(BUSINESS WIRE)--

Prudential Mortgage Capital Company has as much as $15 billion to lend in 2017 as it steps into the real estate finance market under a new consolidated name—PGIM Real Estate Finance. The new name, effective immediately, unifies the company’s 22 offices around the world and reflects the company’s globally diversified business and clients.

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PGIM Real Estate Finance increases appetite for financing to $15 billion in 2017 after lending $13.9 billion in 2016.

With a 140-year history, PGIM Real Estate Finance ranks among the largest commercial, multifamily and agricultural mortgage lenders, with $88 billion in assets under management and administration as of Dec. 31, 2016. PGIM Real Estate Finance is a business of PGIM, the trillion-dollar global investment management business of Prudential Financial, Inc. (NYSE:PRU).

PGIM Real Estate Finance experienced a robust year of originations in 2016, characterized by continued global growth. Last year, the company provided more than $13.9 billion in commercial real estate financing, driven by strong production in the multifamily, industrial and office sectors worldwide.

2016 financing highlights include:

• $13.2 billion in North American multifamily, office, industrial and other sectors
• Nearly $750 million across Europe, Japan and Australia
• Nearly $4.1 billion in conventional and affordable multifamily loans on behalf of Fannie Mae, Freddie Mac and FHA
• Over $900 million in agricultural debt and equity investments

“Having a single name better reflects how we provide financing around the world from a range of capital sources, and offer investors access to high quality opportunities,” said David Durning, CEO of PGIM Real Estate Finance. “In 2016, our clients increasingly looked to us for advice, relying on our ability to finance projects through a variety of loan products that enhance investors’ opportunities as they seek yield, while navigating globally uncertain markets.”

The company initially adopted PGIM Real Estate Finance for markets outside of the U.S. when Prudential Investment Management changed its name to PGIM in January 2016. In addition to PMCC renaming to PGIM Real Estate Finance, PGIM’s equity real estate investment business renamed to PGIM Real Estate in May 2016.

About PGIM Real Estate Finance

PGIM Real Estate Finance, the commercial mortgage business of PGIM, the trillion-dollar global investment management business of Prudential Financial, Inc. (NYSE: PRU), is an international full-service, commercial and multifamily mortgage finance business with more than $88 billion in assets under management and administration as of Dec. 31, 2016. Leveraging a 140-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS^®, Freddie Mac and specialized affordable housing programs; FHA; Conduit; Prudential’s general account; and other institutional investors. For more information, please visit http://www.pgimref.com.

About PGIM and Prudential Financial, Inc.

With 14 consecutive years of positive third-party institutional net flows, PGIM, the global asset management businesses of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world, according to Pensions & Investment’s May 2016 Money Manager Survey, with more than $1 trillion in assets under management as of Dec. 31, 2016. PGIM’s businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 16 countries across five continents.

Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about PGIM, please visit http://www.pgim.com. For more information about Prudential, please visit www.news.prudential.com.

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