Bryan McDonnell and Marcia Diaz
Head of U.S. Debt and Chair of Global Debt; Head of U.S. Debt Originations at PGIM Real Estate
Last year's rank: 18
PGIM Real Estate remained one of the industry’s foremost life company lenders in 2020, despite the pandemic, originating $19.5 billion in debt globally — $17.7 billion in the U.S.
In response to the market, PGIM doled out a record $9.6 billion in agency-backed, multifamily loan volume across 468 mortgages on both conventional and affordable housing, which helped register it as the fourth-largest Fannie Mae originator in 2020 with $5.2 billion in originations. It also dabbled with other agency products, but to a lesser extent.
One such multifamily deal was a $220 million financing split between two pools totaling 25 multifamily properties in the Bronx that are owned by Finkelstein Timberger East Real Estate. It was Fannie Mae’s first loan in its Green Rewards program, which involves properties that utilize solar panels.
Outside of agency originations, PGIM deployed as part of its core strategy more than $7 billion globally across 143 loans. Industrial and multifamily balance sheet transactions dominated these deals, and U.S. deals accounted for $6 billion of the volume.
The company extended a $356 million acquisition loan to Stockbridge Capital Group for its purchase of a 10-property industrial portfolio; and it also arranged a $222 million credit facility via Fannie Mae for Aegis Living and Blue Moon Capital Partners’ acquisition of a collection of 10 senior housing assets throughout Washington state, California and Nevada. The latter transaction was one that made up the bulk of the $580 million in debt that the company deployed into the senior housing space last year.
The work of Diaz and McDonnell’s firm across 44 states and 14 different countries last year, and across just about every asset type, including agriculture (it did about $1.5 billion in debt in that area), is the work of one of the commercial property sector’s most-commanding senior loan providers.—M.B.
