NEW YORK, Dec. 12, 2018 – PGIM Real Estate Finance has provided a $102 million Freddie Mac acquisition loan to Jonathan Rose Companies for Shore Hill Housing, an affordable and elderly housing property in the Bay Ridge neighborhood of Brooklyn. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM Inc., the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
“This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise.”
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The 10-year, fixed-rate loan will be used by the borrower to acquire the property, complete repairs related to green efficiency upgrades and cover transaction costs. The property consists of two 14-story buildings with 558 total units that are age-restricted to individuals 62 and over and are covered by a project-based Section 8 contract. The property also contains a single-story community building and is well located relative to public transit, grocery stores, banks, recreational centers, parks and healthcare facilities. Originally built in 1978, the property underwent extensive rehabilitation in 2008 with low-income housing tax credits.
“This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise,” said Alex Viorst, principal at PGIM Real Estate Finance. “We are proud to partner with the Jonathan Rose Companies on this significant investment in affordable seniors housing in New York City.”
Shore Hill’s in-unit amenities include vinyl floors in the kitchen and bathrooms, carpet in the common areas and bedrooms, refrigerator and range, central air conditioning, and grab bars in the bathrooms. Common area amenities include a management office, a large meeting room, laundry rooms, limited access and security patrol. Additional amenities include a picnic area and several tenant lounges spread throughout the property, including one with views of the nearby Verrazano Bridge and Hudson River.
About PGIM Real Estate Finance
PGIM Real Estate Finance, the commercial mortgage business of PGIM, is an international full-service, commercial and multifamily mortgage finance business with $93.4 billion in assets under management and administration as of June 30, 2018. Leveraging a 140-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac and specialized affordable housing programs; FHA; Prudential’s general account; and other institutional investors. For more information, please visit pgimref.com.
About PGIM and Prudential Financial, Inc.
With 15 consecutive years of positive third-party institutional net flows, PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU), ranks among the top 10 largest asset managers in the world* with more than $1 trillion in assets under management as of September 30, 2018. PGIM businesses offer a range of investment solutions for retail and institutional investors around the world across a broad range of asset classes, including fundamental equity, quantitative equity, public fixed income, private fixed income, real estate and commercial mortgages. Its businesses have offices in 15 countries across five continents. For more information, please visit pgim.com.
Prudential’s additional businesses offer a variety of products and services, including life insurance, annuities and retirement-related services. For more information about Prudential, please visit news.prudential.com.
*As ranked in Pensions & Investments’ Money Managers list, May 2018; based on Prudential Financial, Inc. total worldwide assets under management as of December 31, 2017.