The loan is secured by the Minneapolis Residence Inn, a three-year-old, 124-suitehotel located in the heart of the Central Business District. Dick Riley of Northco Capital, LLC in Minneapolis, arranged the refinancing. David Harvey was Prudential's originator on the loan.
Prudential Mortgage Capital is a national full-service, commercial mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital and high-yield markets, and the general account of its parent, the Prudential Insurance Co. of America, and other institutional investors. As of the end of last year, PrudentialMortgage Capital had a combined servicing portfolio of$32 billion.
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