The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Business Wire

Prudential Mortgage Capital Company provides $200 million financing for Newport Tower

Wednesday, August 29, 2012

Prudential Mortgage Capital Company provides $200 million financing for Newport Tower13:00 EDT Wednesday, August 29, 2012 NEWARK, N.J. (Business Wire) -- Prudential Mortgage Capital Company provided a $200 million loan to Bentall Kennedy, the real estate advisor to Multi-Employer Property Trust's Edgemoor REIT LLC, to finance the purchase of Newport Tower, a 1.1 million-square-foot Class-A office tower in Jersey City. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE:PRU). The seven-year, fixed-rate loan is a first mortgage for Bentall Kennedy's purchase of the property. Originally constructed in 1990, the 36-story tower stands as part of Jersey City's 600-acre Hudson River waterfront Newport District. The LEED Gold and Energy Star certified building has direct access to Manhattan via an adjacent train station. Bentall Kennedy is one of the largest real estate investment advisors in North America. “The quality of the asset, its prime location near the Hudson River waterfront with easy access to New York's financial center and the quality of the sponsorship with Bentall Kennedy made this transaction extremely attractive,” said Bryan McDonnell, a principal with Prudential Mortgage Capital Company's Washington, D.C. office, who, along with junior associate Matthew Klein originated the transaction. Added Mike Keating of Bentall Kennedy, “The Newport office market remained strong throughout the recent financial downturn and continues to perform well, making Newport Tower a highly desirable property. We are excited to partner with Prudential on this significant transaction.” Cary Abod, of Holiday Fenoglio Fowler's Washington, D.C. office, arranged the transaction. The building, leased as a multi-tenant tower, is currently 90 percent occupied, offers panoramic views of the Manhattan skyline, a two-story lobby with floor-to-ceiling windows, smoked glass walls and terrazzo flooring. It also features a covered skywalk providing direct access to the 1.2 million-square-foot Newport Centre Mall. Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72 billion in assets under management and administration as of June 30, 2012. 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 $69.2 billion, as of June 30, 2012. For more information, please visit Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, 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 and investment management. 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 visit Prudential Financial, Inc.John Chartier,