""Prudential Mortgage Capital Company"":http://www.prumortgagecapital.com/businesscenter/realestate/pmcc/home/welcome.html, a commercial and multifamily mortgage finance business based in[IMAGE]
Newark, New Jersey, announced Friday that it has launched the Agency Gateway program, a new short- term loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan.[COLUMN_BREAK]
Under the Agency Gateway program, the company plans to target loans of $5 to $25 million secured by fully-constructed or renovated multifamily properties that are well-located but have not reached stabilized occupancy levels.
""We are excited to offer this new source of financing for multifamily properties which addresses a clear need of multifamily owners and investors in today's market,"" said David Durning, senior managing director of Prudential Mortgage Capital Company. ""In addition to offering our multifamily borrowers more flexibility for financing higher-quality properties, we believe this program compliments Prudential's existing Fannie Mae DUS lending program, as well as our Freddie Mac Program Plus program offered through Prudential Johnson Apartment Capital Express.""
Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. Over the last five years, the company has provided more than $16.4 billion in multifamily mortgages, originating more than $2.4 billion in 2009 alone.