The company said it provided a $45.5-million refinancing for EastGroup Properties Inc, the Jackson, MS-based REIT. A $10.1-million commercial mortgage from Prudential is for the Stapley Office Center in Phoenix.
EastGroup's loan was originated on behalf of the general account of the Prudential Insurance Co. of America. Prudential Mortgage Capital Co. is the commercial mortgage lending business of Prudential Financial. The 10-year loan has an interest rate of 4.75%, according to Prudential.
EastGroup's portfolio is comprised of 10 properties in Texas, Arizona and Florida with a total of 18.9 million sf plus an additional 541,000 sf under development. Eastgroup's largest metro Phoenix property is the 316,00-sf Broadway Industrial Park I-V in Tempe.
The locally based Denali National Trust secured a five-year loan with a 4.62% interest rate for the Stapley Office Center, which was completed about two years ago. The Stapley Office Center is a 272,708-sf, multi-tenant office complex that is occupied by, among others, the University of Phoenix. Greg West of Johnson Capital in Irvine, CA arranged the loan. Curtis Colon of Prudential's Los Angeles office originated the loan.
In announcing the Arizona deals, Prudential said it also recently closed on more than $30 million worth of loans for a San Francisco office complex; a warehouse in Rancho Cucamonga, CA; a Portland, OE hotel; and a Sam's Club and Wal-Mart in Northern California.
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