H1 saw a mere $4.5bn of new commitments made to commercial real estate private credit strategies.
The financing on the portfolio will be used to refinance existing debt.
Inside: Why the need for income means real estate private credit is becoming an indispensable allocation for investors; Inside PGIM Real Estate’s plans to scale; Plus, an 11-page special report on asset management and loan servicing.
Lenders are increasingly extending loans – but only if there is a real path forward.
The market is inherently cyclical. But secular trends are increasingly affecting workout strategies.
Good candidates are those who can think past the end of the term of a loan.
Everyone agrees the office sector is under pressure, but no one agrees on where valuation is.
PGIM Real Estate wants to further scale its lending platform. But the firm does not want to be all things to all borrowers.
The financing replaces an $85m acquisition loan originated in 2022 on an ultra-luxury condominium development in the Miami area.
Multifamily, industrial and logistics, and mixed-use are the top three property types that secured the highest volume of loans.