Melissa Farrell (clockwise from top left), Sara Trybus, Stephanie Wiggins, and John Jacobs.
Melissa Farrell, Sara Trybus, John Jacobs, Stephanie Wiggins
Head of U.S. debt originations; global head of core debt strategies; senior portfolio manager, Head of U.S. structured lending; and head of production, agency & FHA lending at PGIM Real Estate
Last year's rank: 12
In a year when competition for debt deals intensified in the latter stages of 2024, PGIM Real Estate continued to gain market share and stand out as one of the nation’s largest nonbank lenders.
PGIM executed $13.5 billion of originations in 2024 to build off its $11 billion output the year before, when transaction volume was more limited due to uncertainty with rising interest rates.
“In 2024, we started seeing the CMBS market coming back, and toward the end of the year a lot more of the banks were coming back,” Melissa Farrell said. “So the fact that we were still able to hold our position and grow our overall production I think was a very positive sign.”
PGIM’s active lending year involved deploying capital in “strong conviction” asset classes including multifamily, industrial, senior housing, student housing, self-storage, life sciences, data centers and medical office.
The PGIM agency lending business was also active, executing $4.2 billion of volume to exceed its initial goals at the start of the year.
“We’re always cautiously optimistic that the pent-up demand to transact will override market disruptions, but we wanted to sort of hedge our bets, so we ended up exceeding our goal on the agency platform,” Stephanie Wiggins said. “When the time was right we were ready to go and we didn’t need a ramp-up period, so the bulk of our business was really done in the third and fourth quarter of last year and we’ve seen that momentum continue.”
The largest loan closed in the last year involved a $345 million refinance in March 2025 for five recently built multifamily properties developed by Mill Creek Residential Trust in the markets of New Jersey, South Florida, Atlanta and Seattle.
Another large loan closed by PGIM was a $129.2 million refinance for Logistics Property Company’s Box Park Logistics Center property in the Philadelphia suburb of Cinnaminson, N.J.
Fifty-nine percent of PGIM’s 2024 originations were concentrated in multifamily, an increase from 51 percent in 2023. The industrial sector accounted for 24 percent of PGIM’s 2024 lending volume and more than 30 percent when removing agency lending volume.
