PGIM Real Estate, a leading real estate investment firm, has successfully arranged a $259 million credit facility for The Sobrato Organization’s portfolio of six multifamily properties on the West Coast. This financing was secured through Fannie Mae and will provide additional flexibility for Sobrato at the portfolio level.
The properties, totaling 1,141 units and located in desirable suburban areas with strong demographics and access to major employment centers, were highly sought after by lenders despite market volatility. Natalia Todorov, Executive Director at PGIM Real Estate based in San Francisco stated that their team’s expertise allowed them to navigate an expedited due diligence process and legal review within just 30 days.
According to Lauren Kiesel, Head of Agency Structured Transactions at PGIM Real Estate,”By pursuing this credit facility addition for these assets,Sobrato gains valuable optionality.” Todorov led the transaction with her team including Executive Director Elizabeth Velazquez and Investment Associate A.J. Hamer.
This successful deal showcases PGIM Real Estate’s ability to deliver excellent execution even during challenging market conditions while maintaining trust from clients like The Sobrato Organization.
