Prudential Mortgage JV Targets $1B in CMBS

Prudential Mortgage Capital Company and affiliated funds of Perella Weinberg Partners’ Asset Based Value strategy have formed a joint venture to originate commercial mortgages for future securitization.

Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU), with $65.6 billion in assets under management and administration as of March 31, 2011.

Perella Weinberg Partners is a leading independent, client-focused financial services firm providing corporate advisory and asset management services to a broad, global client base, including corporations, institutions and governments.

Structured to adapt to potential regulatory changes, the venture is initially targeting more than $1 billion a year in fixed rate mortgages for stabilized commercial properties across all asset classes. The venture will create a branded vehicle and partner with third parties to issue commercial mortgage backed securities, and is accepting applications through Prudential Mortgage Capital Company loan officers, effective immediately.

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