PGIM Real Estate Provides $180M for South Florida Portfolio
Deal News | Dec 10, 2024 | PGIM Inc
PGIM Real Estate, a leading player in the global asset management space, has recently extended a $180 million loan to support the South Florida industrial portfolio. This marks PGIM's 28th industrial loan, with a cumulative value of $2.5 billion across various strategies, reinforcing its commitment to the U.S. industrial market. Dwight Angelini of Longpoint Partners praised the fruitful collaboration with PGIM, indicative of potential future engagements. PGIM Real Estate stands as a significant entity in commercial real estate and debt investment, part of the larger umbrella of PGIM, the asset management arm of Prudential Financial. With $212 billion in assets under management, PGIM Real Estate is renowned for its strategic approach and risk management capabilities. Longpoint Partners, headquartered in Boston, specializes in logistics and retail real estate, positioning itself as a significant player in the U.S. real estate sector. The transaction further exemplifies PGIM's robust investment strategies and its role in fostering sustainable growth and operational efficiency.
Sectors
- Real Estate
- Asset Management
- Private Equity
Geography
- United States – The primary focus of the investment and the operations of PGIM Real Estate and Longpoint Partners are concentrated in the U.S.
- South Florida – The location of the industrial portfolio that received the $180 million loan from PGIM Real Estate.
Industry
- Real Estate – The article discusses PGIM Real Estate's investment activities, which focus on the acquisition and funding of industrial properties.
- Asset Management – PGIM's broader role as an asset management firm with significant assets under management and its strategic investments in various asset classes.
- Private Equity – Longpoint Partners is characterized as a private equity real estate firm specializing in logistics and retail properties.
Financials
- $180 million – The value of the loan provided by PGIM Real Estate for the South Florida industrial portfolio.
- $2.5 billion – The total value of PGIM Real Estate's 28 industrial loans as of October 31, 2024.
- $64 million – A previous fixed-rate loan provided by PGIM Real Estate for a New Jersey industrial park acquisition.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| PGIM Real Estate | Lender | Company | A business of PGIM, providing real estate-based solutions to investors with a significant global presence. |
| Longpoint Partners | Borrower | Company | A private equity real estate firm focusing on logistics and retail real estate investments in major U.S. markets. |
| Prudential Financial, Inc. | Parent Company | Company | The parent company of PGIM, providing a broad range of financial services including asset management. |
| Dwight Angelini | Co-Founder and Managing Partner | Person | Co-founder of Longpoint Partners, involved in the collaboration with PGIM Real Estate. |