The loans are on 32% office, 20% multifamily, 18% retail, 17% industrial, 8% hotel, 4% mobile home park and 1% self-storage. A spokesperson for Prudential says, "The weighted average loan-to-value for the pool is 64% and debt service coverage ratio is 1.65 to 1. The pool was rated by Moody's and Fitch and received subordination levels of 20.75% to AAA."
The loans will be serviced by Prudential's new loan servicing arm, Prudential Asset Resources. This group was formed following the merger of Prudential Mortgage Capital C. and the WMF Group.
"This conduit deal is truly a milestone in our corporate history," says Shane Tucker, managing director at Prudential Mortgage Capital. "It highlights an ability to originate loans through our variety of capital sources, including the public and private capital markets, and provide servicing for borrowers."
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