Prudential Closes $24 Million Loan for Columbus Park.BEDFORD HEIGHTS, Ohio Bedford Heights is a city in Cuyahoga County, Ohio, United States. The population was 11,375 at the 2000 census. Geography Bedford Heights is located at (41.404821, -81.506409)GR1. -- Prudential Mortgage Capital Company announced today that it recently originated a $24 million loan on behalf of its conduit for Columbus Park Apartments in Bedford Heights, Ohio. 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 ). Built in 1973, Columbus Park is a 625-unit mid-rise apartment complex. Located 15 miles southwest of Cleveland's Central Business District, the property underwent extensive remodeling remodeling /re·mod·el·ing/ (re-mod´el-ing) reorganization or renovation of an old structure. bone remodeling in 2006. The loan has 10-year term with 3 years interest-only followed by a 30-year amortization schedule. Nick Willems of Prudential's Chicago office originated the loan. Brian Stulak of the Cleveland based Pinnacle Financial Group, sourced the finance opportunity. Karam Companies is the property manager. Prudential Mortgage Capital Company, a national full-service, commercial and multifamily mortgage finance business, originates loans for Fannie Mae DUS DUS Driving Under Suspension (criminal charge) DUS Dwelling Unit (real estate) DUS Dynamic Underground Stripping DUS Dusseldorf, Germany - Dusseldorf (Airport Code) [TM], FHA See Federal Housing Administration. FHA See Federal Housing Administration (FHA). and Freddie Mac Targeted Affordable programs, the capital markets, Prudential's general account, and other institutional investors. The company, with $50.6 billion in 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 as of September 30, 2006, offers fixed-and floating-rate loans; mezzanine, structured financing and bridge lending; construction loans; affordable housing loans; and forward commitments. For more information, visit www.prudential.com/mortgagecapital. Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $586 billion of assets under management as of September 30, 2006, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company's well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, asset management, and real estate services. For more information, please visit www.prudential.com. |
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