Prudential Mortgage Capital Company, through its Freddie Mac Program Plus Lending program, provided an $80.5 million loan to Bonaventure Realty Group, a Virginia-based developer, the company announced today. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial Inc. (NYSE: PRU).
The seven-year, fixed rate refinancing package, which is the largest Freddie Mac loan Prudential Mortgage Capital Company closed so far in 2011, is secured by The Encore, a 461-unit multifamily community in Alexandria, Virginia. Originally constructed in 1967 and 1969, Bonaventure acquired the property in 2005 and launched a major renovation that was completed in 2010. The property is expected to benefit from the opening of the Mark Center, the new home of the Washington Headquarters Service and several other U.S. Department of Defense agencies. The center has the potential to bring more than 6,000 jobs to the area. The Encore is situated less than a mile away.
Jason Miller, an associate in Prudential Mortgage Capital Company’s metro Washington D.C. area office, arranged the financing.
“The strength of Bonaventure Realty Group and the opening of the Mark Center made this an attractive transaction,” Miller said. “We look forward to continuing to provide Bonaventure Realty Group with superior service throughout the term of this loan.”
“The likelihood of thousands of new jobs in the immediate area combined with the recent renovations and the strength of the Northern Virginia/Washington, D.C. market should drive interest and help make The Encore a premiere residential destination in the area,” said Dwight Dunton, III, President and Founder at Bonaventure Realty Group.
Situated on 17 acres on Seminary Road in Alexandria, Va., The Encore includes 13 two and three-story apartment buildings featuring six floor plans. Amenities include granite countertops, stainless steel appliances, in-unit washers and dryers, oversized soaking bathtubs and large patios and balconies. Residents have access to a resort-style swimming pool, community clubhouse with Wi-Fi hotspot, theater room, fitness center, business center and a complimentary shuttle to the Mark Center and the Pentagon City Metro.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with $ 69.5 billion in assets under management and administration as of September 30, 2011. Leveraging a 135-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 Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $66.9 billion, as of September 30, 2011. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $871 billion of assets under management as of September 30, 2011, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visithttp://www.news.prudential.com/.