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Capital One Closes $74MM Loan for PGIM Real Estate Joint Venture

August 26, 2016, 07:15 AM
Filed Under: Real Estate

Capital One provided a $74 million adjustable-rate loan to a joint venture between an investment fund managed by PGIM Real Estate (formerly Prudential Real Estate Investors) and the Related Group of Florida.  The loan will be used to retire the existing debt for the construction of The Manor CityPlace Doral, a 398-unit, Class A apartment community located in Doral, Florida. 

“The teamwork between Capital One’s balance sheet and agency lending groups was instrumental in structuring this transaction with PGIM Real Estate and really demonstrates Capital One’s abilities as a full service lender,” said Joshua Howes, a Senior Vice President in Capital One’s Commercial Real Estate Group who led the transaction.  “CityPlace Doral is located in close proximity to Miami International Airport, Downtown Miami and major expressways and we’re excited about its potential.”

The Manor CityPlace Doral is located in the Airport West submarket, which had a vacancy rate of 4.7 percent in the fourth quarter of 2015.  The area is also home to several corporate headquarters and major employers.  The apartment complex is part of CityPlace Doral, a 48.3-acre master-planned, mixed-use development that will include retail, condominiums, and single-family homes as well as multifamily. 

Capital One Bank’s Commercial Real Estate Group provides financing in markets nationwide, offering a comprehensive array of solutions for property owners and developers, including balance sheet and agency lending, financing, underwriting, and treasury management.

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