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The financing was arranged on behalf of Royal Palm Companies, with a loan term of 36 months.
The financing will be used to launch development of a transit-oriented project in East Orange.
The Houston-based firm recently refinanced debt on a $50m multifamily project.
Despite the slowdown in the lending market, the firm this month obtained a $36m loan for a Maine multifamily development.
Jones Street Investment Partners secured individual loans from Key Bank, Bangor Savings Bank and Berkshire Bank.
Fannie, Freddie volume caps reduced from $78bn to $75bn.
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.
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 $424m deal is comprised of 11 multifamily bridge loans from the ACRE Credit I lending platform.