Agency

PGIM Real Estate Finance offers an expanded line of multifamily property financing options through Fannie Mae, Freddie Mac, and our Enhanced Agency Gateway Program.

OVERVIEW

$6.7 BILLION

IN MULTIFAMILY PRODUCTION

SENIOR MANAGEMENT TEAM WITH
25+ YEARS AVERAGE TENURE
$3.9 BILLION

IN CONVENTIONAL AGENCY
& BALANCE SHEET LENDING

Fannie Mae

As a nationally recognized DUS® lender, PGIM Real Estate Finance provides permanent financing for the purchase or refinance of stabilized multifamily and specialized properties, including affordable, student, seniors, and manufactured housing.

Program
  • DUS® Multifamily Mortgage
  • DUS/ARM Multifamily Mortgage
  • Credit Enhancement (fixed-rate and weekly variable-rate housing revenue bonds)
  • Construction loan take out for LIHTC
  • Mezzanine (available behind DUS first mortgage)
  • Extended maturity (fixed, floating)
  • Structured ARM
Terms
  • Early rate lock
  • Fixed and Floating Rate
  • Loans of $3M and greater
  • 5-30 year loan term
  • Up to 80% LTV
  • Minimum 1.25x DSCR
  • Yield maintenance & defeasance prepayment options
  • Non-recourse except for standard commercial carve outs
  • Structured prepayment options
  • Supplemental loan program
  • Forward commitments
  • Single asset substitution option
Typical Properties
  • Conventional Multifamily
  • Manufactured Housing
  • Senior Housing
  • Structured Multi-Asset Credit Facilities
  • Student Housing

PROGRAM INFORMATION

Learn more and view our term sheet

Freddie Mac

PGIM Real Estate Finance is a nationally recognized Freddie Mac multifamily approved seller/servicer for conventional, seniors housing, and targeted affordable housing loans, and provides permanent financing for the acquisition or refinance of stabilized multifamily and specialized programs.

Program
  • Capital Markets Execution
  • Capped ARM Mortgages (priced over LIBOR or Freddie Mac Reference Bill)
  • Fixed-to-Float options
  • Credit Enhancement (fixed-rate and weekly variable-rate housing revenue bonds)
  • LIHTC 9%
Terms
  • Early rate lock/ Early spread lock
  • Fixed and Floating Rate
  • Loans of $3M and greater
  • 5-30 year loan term
  • Up to 80% LTV
  • Minimum 1.25x DSCR
  • Yield maintenance & defeasance prepayment options
  • Non-recourse except for standard commercial carve outs
  • Structured prepayment options
  • Supplemental loan program
Typical Properties
  • Conventional Multifamily
  • Manufactured Housing
  • Senior Housing
  • Structured Multi-Asset Credit Facilities
  • Student Housing

PROGRAM INFORMATION

Learn more and view our term sheet

Enhanced Agency Gateway Program

PGIM Real Estate Finance's Agency Gateway Program offers refinancing or acquisition financing for multifamily properties that have not achieved the stabilized operating levels required for permanent financing through Fannie Mae, Freddie Mac, or FHA programs.

Program Terms
  • Floating rate
  • Interest only
  • $5 million to $25 million loan size
  • 12-36 months
  • Non-recourse except for standard commercial carve outs
  • Lockout period varies from loan to loan based on stabilization plan
  • Exit-fee waived if refinancing through PGIM REF's Agency Loan Group
  • 75% on in-place LTC; 80% on stabilized LTV
  • 1.00x DSCR at funding on in-place income, stabilized DSCR tested by Agency
Typical Properties
  • Multifamily Assets with renovation/rehab less than or equal to 15% of total going-in cost
  • Repair/Renovation escrows funded/held back at closing with structured disbursements
  • Strong/Primary Markets exhibiting or poised to exhibit near-term growth
  • Will consider newly constructed transactions that are in lease-up

PROGRAM INFORMATION

Learn more and view our term sheet

Agency Experts

Sources of data (unless otherwise noted) are as of 12/31/17.

Back to top Back to top