""Prudential Mortgage Capital Company"":http://www.prumortgagecapital.com and ""Johnson Capital"":http://www.johnsoncapital.com announced last week that the two companies have joined forces to originate and service multifamily loans for Freddie Mac under the Program Plus and Targeted Affordable ""loan programs offered by the GSE"":http://www.freddiemac.com/multifamily/sellpp01.htm.[IMAGE]
""We are excited to announce this strategic partnership with Johnson Capital, which not only expands our financing capabilities to the Freddie Mac's Program Plus program, but also highlights our commitment to multifamily financing,"" said David Durning, senior managing director at Prudential Mortgage Capital Company.
Johnson Capital's president, Guy Johnson, added, ""Johnson Capital and Prudential have enjoyed a great 20-year relationship. This strategic partnership takes our relationship to the next logical step. We are very enthusiastic about all the financing opportunities we can now offer our multifamily clients Ã¢â‚¬" truly a win-win for all.""[COLUMN_BREAK]
The two companies' joint venture, Prudential Johnson Apartment Capital Express, will originate multifamily loans from $5 million and above in Arizona, California, Maryland, Virginia, and Washington, D.C.
Prudential Mortgage Capital, based out of Newark, New Jersey, is the commercial lending business of ""Prudential Financial, Inc."":http://www.prudential.com As a full-service commercial and multifamily mortgage finance business, Prudential Mortgage Capital originates loans across capital sources.
The company has provided more than $16.4 billion in multifamily mortgages over the last five years, originating more than $2.4 billion in 2009. The company maintains a loan servicing portfolio of approximately $63 billion.
Johnson Capital, with its corporate headquarters in Irvine, California, specializes in commercial real estate investment banking. The firm's services include debt placement and acquisition financing, as well as joint venture equity placement.
The company's transactions have ranged in total funding from $1 million to over $300 million and have financed all property types, including: multifamily, office, retail, industrial, hotels, mixed use, manufactured housing, credit-tenant leases, single-family housing and land developments. Johnson Capital also has a special servicing unit to help financial institutions with workouts for troubled commercial real estate loans.