PGIM Refis Southeast Multifamily Portfolio With $619M Loan

HHHunt Corporation has sealed a $619 million debt package to refinance a multifamily portfolio in the Southeast U.S., Commercial Observer can first report.

PGIM Real Estate supplied the loan through its agency lending platform for the 15 rental apartment assets encompassing 427 total units. The financing was broken up into a $412.8 million Freddie Mac-backed deal consisting of five loans, followed by a $206.16 million Fannie Mae-backed transaction — also with five loans — a week later, according to PGIM. 

“This transaction showcases the power of PGIM Real Estate’s agency platform and our ability to deliver innovative solutions by leveraging both Fannie Mae and Freddie Mac,” Lee McNeer, the executive director for PGIM’s real estate business, said in a statement. “The two-step portfolio structure allowed us to unlock significant value for the borrower.”

The portfolio consists of mid-rise buildings and garden apartment complexes constructed from 2001 to 2023. The priorities are located across Virginia, North Carolina, Maryland, Tennessee and Georgia. 

“The Freddie Mac and Fannie Mae solutions let us unlock portfolio equity, secure long-term stability and hit our risk targets,” Brian Myers, vice president of finance at HHHunt Corporation, said in a statement. 

Andrew Coen can be reached at acoen@commercialobserver.com.