Prudential Mortgage Capital Originates $77 Million in Loans for Its Conduit

Business Wire

January 13, 2004

NEWARK, N.J., Jan 13, 2004 (BUSINESS WIRE) -- Prudential Mortgage Capital Company announced today that it has recently originated $77 million in loans for its conduit. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU). The recent deals are:

-- A $7.8 million refinancing loan secured by 22 Springfield Associates L.L.C. for 350 Route 22. The property, built in 1972, is an 80,000 square foot retail building in Springfield, NJ, that is leased to Linen's N Things. The 14-year loan has an interest rate of 6.08%, and is amortized over 20 years. Cronheim Mortgage in Chatham, NJ arranged the loan. Scott Chisholm of Prudential's New York office originated the loan.

-- A $5.5 million acquisition loan for St. John's Commons in Jacksonville, FL. Built this year, this retail center has 71,352 square feet and is 93 percent occupied. Anchor tenants include Winn Dixie and the UPS Store. The seven-year interest only loan has a 4.79% coupon. Jim Hensley and Janine Bellamy of Prudential's Atlanta office originated the loan.

-- A $7.5 million refinancing secured by UP V, LLC for Union Park Center in Midvale, Utah. Built in 1994, office complex has 81,890 square feet and is 94.5 percent occupied. The 10-year loan has 5.43 percent interest rate and amortizes over 25 years. Myles Friel of Jackson Square Investments in San Francisco, CA arranged the loan. Curtis Brunton of Prudential's San Francisco office originated the loan.

-- An $8.3 million refinancing loan secured by Land O' Frost Properties, LLC for Florida Office Flex Portfolio in both Orlando and Jacksonville, FL. The combined office space totals 169,485 square feet and each building is 90 percent occupied. The fifteen-year loan has a 6.64 percent interest rate and amortizes over 25 years. The Equis Corporation in Chicago arranged the loan. Melissa Farrell of Prudential's Chicago office originated the loan.

-- A $7 million refinancing loan secured by Maaron Realty, LLC for 679 Madison Avenue in New York City. Built in 1900, the retail/office/residential space has 10364 square feet and is 100 percent occupied. The 10-year loan has a 4.92 percent interest rate and amortizes over 30 years. Winter & Company in New York arranged the loan. Scott Chisholm of Prudential's New York office originated the loan.

-- A $4.5 million refinancing loan secured by Kulick Road Associates, LLC for Kulick Road, an industrial office complex in Fairfield, NJ. Built in 1982, the complex has 123,651 square feet and is 98.7 percent occupied. Anchor tenants include Whirlpool and Haemotronic. The 10-year loan has a 5.05 percent interest rate and amortizes over 30 years. Scott Chisholm of Prudential's New York office originated the loan.

-- A $5.1 million acquisition loan secured by Wesleyan Station Teresa, LLC for Wesleyan Station Shopping Center in Macon, GA. Built in 1986, the complex has 84,881 square foot property is anchored by Kroger and is 91 percent occupied. The 10-year loan has a 5.69 percent interest rate and amortizes over 30 years. iCap Realty arranged the loan. Randy Hall of Prudential's Atlanta office originated the loan.

-- A $2.5 million acquisition loan secured by Glantz Norfolk, LLC for Walgreens-Norfolk, VA. Built in 1999, the retail complex has 13,905 square feet. The 10-year loan has a 5.10 percent interest rate and amortizes over 30 years. The Richard Company in Hicksville, NY arranged the loan. Scott Chisholm of Prudential's New York office originated the loan.

-- A 3.25 million refinancing loan secured by Oakley Shoals LLC for Oakley Shoals Apartments in Union City, GA. Built in 1987, the 49,536 square foot garden apartment complex is 97.7 occupied. The 5 year loan has a 5.50 percent interest rate and amortizes over 30 years. David Graham of Prudential's Chicago office originated the loan.

-- An $11 million refinancing secured by 80 West 40th Street Associates, LLC for Bryant Park Studios, an office complex in New York City. Built in 1901, the complex is 97 percent occupied and has 66,029 square feet. The 10-year loan has a 5.27 percent interest rate and amortizes over 30 years. Scott Chisholm of Prudential's New York office originated the loan.

-- A $1.85 million refinancing secured by Woods Edge Associates LP for Bucks Run Apartments, a 72-unit garden apartment complex in Dublin, PA. Built in 1974, the complex is 98% occupied. The 10-year loan has an interest rate of 5.22% and amortizes over 30 years. Abe Katz of Meridian Capital Group LLC in New Jersey arranged the loan. Scott Chisholm of Prudential's New York office originated the loan.

-- A $6.75 million acquisition loan secured by River Edge Associates, LLC for Continental Garden Apartments, a 236-unit complex in River Edge, NJ. Built in 1948, the complex is 95 percent occupied. The 10-year loan has an interest rate of 5.31% and amortizes over 30 years. Abe Katz of Meridian Capital Group LLC in New Jersey arranged the loan. Scott Chisholm of Prudential's New York office originated the loan.

-- A $4.15 million refinancing loan secured by Whistlewood Commons Assoc LP, for Whistlewood Common Apartments, a 144-unit garden apartment complex in Dublin, PA. Built in 1972, the complex is 95% occupied. The 10-year loan has a 5.22% interest rate and amortizes over 30 years. Abe Katz of Meridan Capital Group LLC arranged the loan. Scott Chisholm of Prudential's New York Office originated the loan.

-- A $2.1 million acquisition loan for East McDowell Storage in Phoenix, AZ. Built in 1977 this self-storage facility has 85,198 square feet and is 83 percent occupied. The 15-year loan has a 6.13% interest rate and amortizes over 15 years. Dave Kotter of Compass Capital in Phoenix arranged the loan. Curtis Brunton of Prudential's San Francisco office originated the loan.

Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage general account, and other institutional investors. The company, with $38 billion in assets under management and finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital markets, Prudential's administration as of September 30, 2003, offers fixed and floating rate loans, mezzanine lending, structured financing, interim/bridge lending; affordable housing loans and forward commitments. For more information, visit www.prudential.com/mortgagecapital.

Prudential Financial companies, with approximately $421 billion in total assets under management as of September 30, 2003, serve individual and institutional customers worldwide and includes The Prudential Insurance Company of America, one of the largest life insurance companies in the U.S. These companies offer a variety of products and services, including life insurance, property and casualty insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.

SOURCE: Prudential Mortgage Capital Company

CONTACT: Prudential Mortgage Capital Company

Darrell Oliver, 973-802-9627

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