Bridge and Mezzanine Lending
PGIM Real Estate offers a non-recourse, core plus financing product for light transitional, light value-add, bridge and stabilized commercial real estate loans for all property types in primary and secondary markets.
- Senior Debt from $25 to $150 million
- Mezzanine Debt from $15 - $50 million
- 3-7 years inclusive of extension options
- LIBOR + 225 or greater
- Up to 80% Loan-to-Value as-stabilized
- Non-Recourse, except for bad-boy carve-outs
- Flexible pre-payment with yield maintenance
- Future funding, release flexibility, interest reserve, and earnout funding
- Fees for origination, exit, and extensions may be applicable
- Bulk distribution / Industrial
- Grocery-anchored retail
- Senior Housing
- Other specialty assets
Sources of data (unless otherwise noted) are as of 12/31/19.
With respect to loans secured by real estate located in the State of California, loans will be arranged or made pursuant to a California Financing Law License.