CHICAGO, Dec. 14, 2018 – PGIM Real Estate Finance has hired a new originations team led by Bruce Gerhart and David Strachan for its new Cleveland office, cementing its presence throughout the Midwest region. PGIM Real Estate Finance is the commercial mortgage finance business of PGIM, the $1 trillion global investment management business of Prudential Financial, Inc. (NYSE: PRU).
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Gerhart and Strachan, as well as their production team, are based in the new Cleveland office and will report to Hal Collett, head of Federal Housing Administration and affordable lending at PGIM Real Estate Finance. The new team will be responsible for sourcing and originating loans for affordable housing, FHA multifamily and health care and seniors housing with a focus on Ohio, Michigan and throughout the Midwest.
“As we continue to grow our affordable lending platform throughout the United States, opening an office in Cleveland will provide us with critical on-the-ground knowledge of the local markets, which serve a population in need of new and preserved affordable housing opportunities,” said Collett. “We are excited for Bruce and David to join the team, as their experience and knowledge of the region is unmatched and will be key for future growth.”
Gerhart, Strachan and their production team of Thomas Bruce and Troy Buckley formerly worked together at Love Funding Corporation. Gerhart has more than 30 years’ experience in the commercial real estate industry, including extensive knowledge of FHA underwriting and processing dating back to the early 1990s. His most recent role was regional director, where he oversaw origination and production throughout the Midwest. Gerhart has a bachelor’s degree from Wittenberg University in Ohio and a master’s degree from Kent State University.
Strachan comes to PGIM with more than 10 years of experience in FHA origination and underwriting. In his most recent role, he closed more than 40 FHA loans totaling approximately $550 million. Strachan holds a business marketing degree from Miami University in Oxford, Ohio, and is MAP and LEAN certified.
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’s 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.