Prudential Mortgage Capital launches program for multifamily properties

Prudential Mortgage Capital Company has launched the Agency Gateway program, a new short term loan program for multifamily property owners seeking to refinance or acquire properties that do not currently qualify for a Fannie Mae or Freddie Mac permanent loan. Under this new program, the company will target loans of $5m to $25m secured by fully-constructed or renovated multifamily properties that are well-located but have not yet reached stabilized occupancy levels. “We are excited to offer this new source of financing for multifamily properties which addresses a clear need of multifamily owners and investors in today’s market,” said David Durning, senior managing director of Prudential Mortgage Capital Company.

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