Prudential Agricultural Investments Originates $45 Million Loan For The Collins Companies.Business Editors ROSEVILLE, Calif.--(BUSINESS WIRE)--Oct. 10, 2002 Prudential Mortgage Capital Company announced today that it recently originated a $45 million commercial mortgage loan package for The Collins Companies through its agricultural unit, Prudential Agricultural Investments. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE NYSE See: New York Stock Exchange :PRU PRU Prudential Financial PRU Pupil Referral Unit PRU Photographic Reconnaissance Unit PRU Potomac Rugby Union (Washington, DC) PRU Provincial Reconnaissance Unit PRU Projets de Rénovation Urbaine PRU Pruhonice ). The transaction was structured in multiple notes ranging from five to 15 years, with The Prudential Insurance Company of America's general account funding four loans totaling $35 million. The remaining $10 million was funded through American AgCredit, FLCA FLCA Federal Land Credit Association FLCA Federal Laboratory Consortium Award FLCA Faulty Line Covering Algorithm FLCA Forward Looking Collision Avoidance FLCA Fountain of Life Christian Academy, LLC (Wyndmoor, PA) FLCA Forward Load Control Assembly , of Eureka, Calif. The loans are secured by more than 75,000 acres of hardwood timberland on multiple tracts in northwest Pennsylvania, along with 48,000 acres of pine and fir timberland in southern Oregon This article is about the southern region of the U.S. state of Oregon. For the University, see Southern Oregon University. Southern Oregon is a region of the U.S. owned by The Collins Companies, based in Portland, Ore. The Collins Companies have been practicing sustainable forestry Sustainable forestry is a forest management practice. The basic tenet of sustainable forestry is that the amount of goods and services yielded from a forest should be at a level the forest is capable of producing without degradation of the soil, watershed features or seed source since the 1940s and were the first major timberland owner in the U.S. to have all of their lands certified by the Forest Stewardship Council The Forest Stewardship Council (FSC) is a non-profit organization based in Bonn, Germany. The Council's stated mission is "to promote environmentally appropriate, socially beneficial and economically viable management of the world's forests". . "The Collins Companies has a long history in the forest products business, dating to the 1850s, and we are excited to have been able to work with them and American AgCredit to provide a flexible loan structure that meets their needs for continued growth," said Ray Smith, a principal in the Agricultural Investments group. Prudential Mortgage Capital's Agricultural Investments portfolio totaled about $2 billion as of June 30, 2002, and is secured by a variety of agricultural land uses, including annual crops, vineyards, orchards, timberland, agribusiness facilities and farm improvements. The group manages agricultural portfolios on behalf of institutional investors and Prudential's general account, and has been involved in the sector for more than 100 years with a commitment to provide capital to successful family farms and agribusiness firms. Prudential Mortgage Capital Company is a national full-service, commercial mortgage finance business, originating mortgage loans for Fannie Mae Fannie Mae: see Federal National Mortgage Association. and FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). programs, the capital and mezzanine markets, Prudential's general account, and other institutional investors. The company had assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and administration of $35.2 billion as of June 30, 2002. Prudential Financial companies, with approximately $557 billion in total assets under management and administration as of June 30, 2002, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com. |
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