Prudential Mortgage Capital, the commercial mortgage lending business of Prudential Financial, has launched the agency gateway program, a new short term loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan.
Under this new program, the company will target loans of $5 to $25m secured by fully-constructed or renovated multifamily properties that are well-located but have not yet reached stabilized occupancy levels.
David Durning, senior managing director of Prudential Mortgage Capital, said: “We are excited to offer this new source of financing for multifamily properties which addresses a clear need of multifamily owners and investors in today’s market In addition to offering our multifamily borrowers more flexibility for financing higher-quality properties, we believe this program compliments Prudential’s existing Fannie Mae DUS lending program, as well as our Freddie Mac program plus program offered through Prudential Johnson Apartment Capital Express.”