Newark, N.J.-based Prudential Mortgage Capital Company has expanded its multifamily team with several key hires for California offices.
Patrick McAllister and Laurie Morfin have joined as directors of multifamily originations in the company’s San Francisco and Carlsbad offices, respectively. The Carlsbad office is new, and both hires will focus on originating loans nationally on behalf of PMCC’s agency lending business.
“The multifamily market has been a strong performer in the current economic climate as people choose to rent, putting off home ownership due to concerns about the job market following the 2008 financial crisis,” said Jim Hensley, a principal and agency production manager for PMCC’s multifamily team. “We believe that will continue to be the case for the next three to five years.” Mr. Hensley added that the new hires were designed to expand capability and take advantage of the climate that he described.
Both Mr. McAllister and Ms. Morfin joined Prudential from Wells Fargo Multifamily Capital, where they were directors and originators. Wells Fargo Multifamily Capital also focuses on originating loans for Fannie Mae, Freddie Mac, and the Federal Housing Administration.