Prudential Mortgage Closes $46M Loan for Verde Realty
- Sep 16, 2008
Prudential Mortgage Capital Company announced it has closed on a $46.5 million loan in Mexico for Verde Realty. The loan will be pooled with an existing $93 million loan to give the borrower, Verde Mexico, S. de R.L. de C.V., a subsidiary of Verde Realty Operating Partnership L.P., a total of $139.5 million in funds. Verde Realty was formed to invest in real estate opportunities close to the border between the United States and Mexico. The $46.5 million loan is an 84 month fixed rate loan. The pooled loans are backed by 22 manufacturing properties in Mexico totaling over 4.7 million square feet. All were built since 1980. The loan was originated by Frederick van Overbeek and Elizabeth Velazquez of Prudential San Francisco. With the loan, Prudential has shown its interest in expanding into Mexico with with Verde Realty. “This loan is our fifth mortgage financing in Mexico and reflects Prudential’s commitment to financing high-quality and well-sponsored real estate in the country,” van Overbeek said in a release.Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. The firm currently has approximately $62 billion in assets under its management in the commercial and multifamily sectors.