The report identifies a $26.5bn loan cohort maturing by the end of next year.
The move marks PGIM’s largest transaction of the year.
A slowdown in lending activity has stalled an extremely active year for the multifamily specialist.
The apartment REIT has already lined up $350m to refinancing existing debt incurred as part of its 2012 acquisition of a 60% stake in Archstone.
The New York-based firm is targeting $1bn-$2bn in originations in the region next year amid a 'super-interesting time' for non-bank lenders.
The $424m deal is comprised of 11 multifamily bridge loans from the ACRE Credit I lending platform.
Ackman-Ziff arranged the loan on behalf of reAlpha, a specialist in the growing multifamily niche.
Dekel brought in UBS to fund the loan after a previous lender was unable to finance the acquisition for sponsor DB Capital.
The lender funded the loan on behalf of Extell Development, with additional financing from Rexmark and Pacific Western Bank.
The company closed on an $11.5 million loan commitment for a Brooklyn multifamily development after sponsors locked in pricing over the summer.