A new apartment financing program targets multifamily properties that are not agency approved.
The program, Agency Gateway, was announced today by Prudential Mortgage Capital Co.
According to the Newark, N.J.-based lender, the program is a short-term loan for multifamily properties. It can be used to finance the purchase or refinance of multifamily properties that are not eligible for financing with either Fannie Mae or Freddie Mac.
Loan amounts range from $5 million to $25 million. Acceptable properties include those that are fully-constructed and those that are well-located and renovated but have not yet reached stabilized occupancy levels.
“We believe this program compliments Prudential’s existing Fannie Mae DUS Lending Program, as well as our Freddie Mac Program Plus program offered through Prudential Johnson Apartment Capital Express,” Prudential Mortgage Capital Senior Managing Director David Durning said in the statement.
The commercial lender said 2009 multifamily production was $2.4 billion. During the past five years, multifamily originations totaled more than $16.4 billion.
Prudential Mortgage Capital reported that it has $62.5 billion in assets under management and administration as of Dec. 31, 2009.
