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Prudential Mortgage Capital Hires Team to Expand Healthcare Lending Strategy; Experts in Seniors Housing and Healthcare Lending Join National Accounts Team.

NEWARK, N.J. -- Prudential Mortgage Capital Company today announced that it has hired a team to develop an expanded healthcare and seniors housing lending strategy. Jeff C. Ringwald and William A. Jackson Jr., both healthcare specialists, are joining Prudential to lead the company's effort to serve the growing healthcare industry. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).

With the increased longevity of Americans amplifying the demand for healthcare services, health-related expenditures could reach $3.6 trillion by 2014, growing at an annual rate of more than 7 percent, according to the Centers for Medicare and Medicaid Services. If actual growth matches those projections, the industry will need to find more sources of capital.

"We're delighted to have Jeff and Bill join Prudential to use their expertise to help meet the unique needs of the growing healthcare and seniors housing markets," said David Durning, managing director of loan originations for Prudential Mortgage Capital Company. "Their combined knowledge and skill will enable us to use our array of capital sources to find creative financing solutions as we build borrower relationships within the industry." Prudential Mortgage Capital has originated healthcare loans primarily through its FHA-lending arm, Prudential Huntoon Paige.

Ringwald, a principal, and Jackson, an associate, both come to Prudential from Guaranty Bank in Dallas and will be headquartered in Prudential Mortgage Capital's Dallas office. As members of the National Accounts team, both will report to Thor Orndahl, managing director and head of the team.

Before joining Prudential, Ringwald was a senior vice president for Guaranty Bank's seniors housing real estate finance group, responsible for loan origination, syndication, underwriting and relationship management. He handled interim construction, bridge, acquisition, mezzanine and permanent loan financings to include single project and portfolio loans. Ringwald earned a bachelor's degree in business administration with a minor in biology, from Southern Methodist University. He is a member of the National Investment Center and the American Seniors Housing Association.

Jackson most recently served as assistant vice president, healthcare finance, at Guaranty Bank, with experience in construction, acquisition and permanent underwriting, focusing on seniors housing loans. Earlier, he was a credit specialist at Bank of Texas in Dallas and a sales representative for the private portfolio group at Smith Barney Asset Management. He also served as a Fixed Income Coordinator for the former Prudential Securities. Jackson earned a bachelor of science in aerospace engineering from the University of Texas at Austin, and a master's degree in business administration from the Cox School of Business at Southern Methodist University.

Prudential Mortgage Capital Company, a national full-service, commercial and multifamily mortgage finance business, originates loans for Fannie Mae DUS(TM) financing and FHA-insured programs, the capital markets, Prudential's general account, and other institutional investors. The company, with $48.2 billion in assets under management and administration as of December 31, 2005, offers fixed and floating rate loans; mezzanine, structured financing and interim/bridge lending; affordable housing loans and forward commitments. For more information, visit www.prudential.com/mortgagecapital.

Prudential Financial companies, with approximately $532 billion in total assets under management as of December 31, 2005, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement-related services and administration, asset management, banking and trust services, real estate brokerage franchises, relocation services and, through a joint venture, retail securities brokerage services. For more information, visit www.prudential.com.
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Publication:Business Wire
Date:Apr 10, 2006
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