Executive of the Year Spotlight: David Durning
- Dec 22, 2016
This article is one in a series of short profiles highlighting recipients of CPE’s Executives of the Year awards. Celebrating its 20th year, the program recognizes the contributions of commercial real estate’s top executives across all major business sectors and asset types.
First-place winners and honorable mention awardees are chosen by a confidential vote of the CPE 100, an invited group of industry leaders.
Today’s installment introduces the man behind Prudential Mortgage Capital Co.’s expanded capital offerings.
Honorable Mention: Financier of the Year
David Durning, President & CEO, Prudential Mortgage Capital Co.
Headquarters: Newark, N.J.
Years as CEO: 3
Previous roles at Prudential: Durning joined Prudential in 1988 as an investment analyst. Prior to becoming CEO, he served as senior managing director.
Taking the lead: David has been leading Prudential Mortgage Capital Co. for more than three years. At his direction, the firm has focused on expanding its capital offerings to global commercial and U.S. agricultural markets to better serve both investors and capital users.
Prudential at a glance: Last year, the firm executed $14.6 billion in loan production. Its assets under management and assets under administration totaled $89.7 billion as of Sept. 30, 2016. The company employs 427 people in 22 offices.
Origination station: Under Durning’s leadership, Prudential closed more than $45 billion in new investments over the last three years, a pace expected to continue this year.
On the horizon: In 2017, the company expects to match its recent annual investment of $15 billion, in both the U.S. and new global markets.
Durning, on core debt: “In a world starved for higher-yielding debt investments, the attractive characteristics of core private real estate debt is finally becoming better understood in a way that will expand opportunities for both lenders and borrowers.”