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Prudential Mortgage Capital launches commercial real estate lending programme in Japan.

Byline: (Staff Writer)

"Having a significant insurance presence in Japan means that our source of capital is both local and long-term, making our decision to create a platform dedicated to the Japanese commercial real estate debt market a logical one," said Thor Orndahl, a Managing Director who oversees Prudential Mortgage Capital's non-U.S. mortgage platform.

The company has received approval from the Tokyo Metropolitan Government and will focus on providing senior loans at moderate leverage for income-producing multifamily, office and warehouse properties in Japan.

"Japan has traditionally been a short-term, floating rate debt market which, although not ideal for some investors, works when liquidity is high and loans are easily refinanced. We see significant opportunity in working with investors who recognise the value of matching their long-term real estate assets with long-term debt," said Tomoyuki Ishikawa, who heads Prudential Mortgage Capital's Tokyo office.

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Publication:CPI Financial
Date:Sep 27, 2009
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