Melissa Farrell, Stephanie Wiggins and Jaime Zadra

The diversified lending platform of PGIM’s real estate business stood out in a year of increased competition in the private credit space.

PGIM executed $15 billion of originations in 2025 as more private lenders looked to supply commercial real estate debt and banks began to step back into the lending game. It was well positioned to shine in the more competitive landscape with a versatile platform that deploys on a national scale.

“The breadth of our platform of all the different capital sources running all the way from our stable core to our transitional products like core-plus to our structure and to our agency platform I think really helps us, especially in markets that can be a bit volatile,” Melissa Farrell said. 

PGIM’s core loan portfolio as Dec. 31, 2025, was 37 percent multifamily, 37 percent industrial and 10 percent retail. Its core-plus portfolio was 63 percent multifamily and 28 percent industrial. One of PGIM’s signature loans involved a $132 million floating-rate refinance for the Abbey Group’s 320-unit Viridian project in Boston that opened in 2015. 

“Since we’re playing in both core and core-plus, we’ve got the appetite up and down the leverage spectrum,” Jaime Zadra said. “It’s a difference maker for our borrowers, but also for our investors.” 

The PGIM agency lending business also saw growth in 2025 with $6.5 billion in originations compared to $4.2 billion the previous year.

The big agency lending year for PGIM included supplying a $619 million debt package in August to HHHunt Corporation to refinance 15 rental apartment properties in the Southeast totaling 427 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. 

“What makes us stand out is having a strong credit culture that is ultimately solutions oriented,” Stephanie Wiggins said. “If we see an opening where we can mitigate the challenges and structure a deal that’s attractive to the agencies and to the borrower, we take that and run with it and we execute on it.”