Multifamily Housing

The senior and mezzanine financing will be used to start development of the 200-acre Riverwalk San Diego project in Southern California.

The alternative lender is updating its bridge program to tap into more mid-market opportunities for stabilized and near-stabilized assets.

While the New Jersey-based real estate investment manager made an equity investment in the fund, the allocation opens the door for PGIM to tap into its Freddie Mac, Fannie Mae and FHA lending platforms to help finance deals.

The Charleston-based manager surpassed its original $750m target for the real estate credit vehicle and has already committed $1.8bn in loans.

Michelle Fang, who came on board as a consultant last year, will also serve as head of marketing.

The fund will be used to buy Low-Income Housing Tax Credits from affordable housing developers in exchange for equity investments in their projects.

The funding will be used by Maxal Group to build the first phase of a $1bn mixed-use project in Edgewater, which includes a 25-story, 381-unit luxury apartment tower.

Debt managers have identified a niche in last-mile multifamily bridge loans.

Debt funds looking to take advantage of the surge in refinancing must be able to lend at attractive rates based on a highly efficient cost structure in an increasingly competitive environment, argues Prospect Capital’s Joseph Ryu.

The funding will be used by North Development alongside a $40m loan from Core Capital to build the 35-story Domus Brickell Center residential tower.