The specialized lending arm of ""Prudential Mortgage Capital Company"":http://www.prumortgagecapital.com/businesscenter/realestate/pmcc/home/welcome.shtml, which targets Federal Housing Administration-based loans, recently announced the closing of a $77.2 million deal on the FHA's behalf. ""Prudential Huntoon Paige"":http://www3.prudential.com/businesscenter/realestate/pmcc/php/huntoon.shtml (PHP), the official moniker of Prudential's FHA-focused division, purchased the loan to refinance a multi-family development in Upland, California.[IMAGE]
PHP refinanced the College Park Apartment complex for real estate group ""Hutton Companies"":http://www.huttoncompanies.com/, and the transaction marks the second multi-family loan over $70 million on record for the company this year. John Jacobs of Prudential Mortgage Capital's Los Angeles office and Martin Herz from PHP's Colorado location teamed up to originate the deal, while working closely with the Los Angeles branch of the U.S. Office of Housing and Urban Development.
Commenting on the refinancing project, Jacobs, said, ""Prudential is proud to have been able to work with senior[COLUMN_BREAK]
management at the Hutton Companies to provide the financing they needed. Hutton Companies demonstrated its operational expertise in the development and stabilization of this high-caliber asset during challenging economic times.""
Herz also weighed in with his thoughts on the move, stating, ""Working with the Department of Housing and Urban Development Los Angeles Field Office and its FHA lending program gives us an important tool to provide financing options to our borrowers. College Park Apartments is a great example of the public and private sector partnering to provide needed capital to the commercial real estate market and ultimately providing more quality, affordable housing for California residents.""
Scott Felix, vice president of Hutton Development Company, a component of the broader Hutton Companies, voiced his opinion on the deal, saying, ""We are pleased to have Prudential as a financial partner on this community. Their ability to execute was an important part of the overall success of College Park Master Plan, which we believe delivers the best resident experience in the greater Claremont area.""
Based in Orange County, California, Hutton Companies targets the development of state-of-the-art communities for diverse projects including apartments, government initiatives, office complexes, retail properties, and light industrial properties. Prudential Mortgage Capital, a subsidiary of ""Prudential Financial, Inc."":http://www.prudential.com/view/page/public, operates as a national full-service lender to the commercial and multi-family mortgage marketplace, with more than $68 billion in assets under management.