PGIM’s commercial mortgage business has provided a $102m (€90.2m) loan to Jonathan Rose Companies to help the company’s acquisition of a US affordable and elderly housing property.
Last month, Jonathan Rose Companies, The NHP Foundation and Nuveen acquired Shore Hill Housing for around $150m from NYU Langone. The property consists of two 14-story buildings with 558 total units.
PGIM Real Estate Finance said it has provided the Freddie Mac acquisition loan for Shore Hill Housing in the Bay Ridge neighbourhood of Brooklyn.
The 10-year, fixed-rate loan will be used by the borrower to acquire the property, complete repairs related to green efficiency upgrades and cover transaction costs.
Alex Viorst, a principal at PGIM Real Estate Finance, said: “This financing will help preserve an important affordable housing property in a neighborhood of Brooklyn where rents continue to rise.
“We are proud to partner with the Jonathan Rose Companies on this significant investment in affordable seniors housing in New York City.”