PGIM Real Estate Backs Bronx Housing with $141M Financing
Deal News | May 19, 2025 | PGIM Inc
PGIM Real Estate, a leading real estate investment manager, has announced a significant financial move by providing $141 million in floating-rate financing to support the revitalization of an affordable housing portfolio in the Bronx. The financing aligns with PGIM's core-plus strategy and is designed to bring a large number of vacant rent-stabilized units back online, addressing the borough's housing demands driven by population growth and limited supply. This initiative partners PGIM with Longacre Group, a firm experienced in New York's rent-stabilized housing, intending to counter the affordable housing crisis in New York City. PGIM Real Estate operates globally under the umbrella of PGIM, the asset management arm of Prudential Financial, Inc., with substantial assets under management. Through its diverse portfolio, PGIM maintains a strong presence in various asset classes across numerous countries, maintaining a commitment to sustainable practices and dynamic market strategies.
Sectors
- Real Estate Investment
- Affordable Housing
- Asset Management
Geography
- United States, New York – The focus of the investment is in the Bronx, New York, addressing the local housing market and demands in this region.
Industry
- Real Estate Investment – The article focuses on a substantial financial investment in the real estate sector by PGIM Real Estate, emphasizing financing in affordable housing.
- Affordable Housing – The financing is directed specifically to revitalizing affordable housing in the Bronx, highlighting its critical role in serving the housing needs of a growing population.
- Asset Management – PGIM Real Estate functions as part of the asset management arm of Prudential Financial, focusing on providing diversified investment solutions across asset classes.
Financials
- $141,000,000 – Floating-rate financing provided by PGIM Real Estate for the Bronx housing portfolio.
- $1,500 – Average rent for the affordable housing units.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PGIM Real Estate | Financier | Company | A global real estate investment manager providing $141M in financing. |
| Longacre Group | Partner/Owner | Company | Operating partner for the affordable housing portfolio in the Bronx. |
| FCA Partners | Advisor | Company | Advised Longacre Group's institutional capital partner in the transaction. |
| PGIM, Inc. | Parent Company | Company | The asset management business of Prudential Financial, providing strategic direction and investment offerings. |