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Sponsors Lloyd Goldman and David Werner see the potential to convert the building at 100 Wall Street into a residential property.
The report, penned by senior executives Ralph Rosenberg, Billy Butcher and Racim Allouini, underscores how low interest rates are no longer the anchor for valuating commercial real estate assets.
PGIM Real Estate wants to further scale its lending platform. But the firm does not want to be all things to all borrowers.
The metrics of underwriting an apartment property have changed substantially since the start of the covid-19 pandemic.
The firm has closed about $100m of new loans since opening its doors in May and all of them have been bridge financings.
The credit manager is looking to build out a new portfolio in the space to complement its primary value-add strategy.
The Milwaukee-based manager is looking at lenders with a deeper understanding of the sector.
The firm believes the best way to alleviate the housing shortage is to fund best-in-class developers.
There will be several chapters to the story of the office sector's next recovery, says global chief investment officer David Steinbach.
The Santa Monica, California-based company received a commitment from London-based investment manager Triple Point that will allow it to significantly scale its business.