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Transactions - AUGUST 22, 2017

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PGIM holds $300m initial close for new U.S. real estate debt fund

by Jody Barhanovich

PGIM Real Estate has raised $300 million for its new real estate debt fund, PGIM Real Estate U.S. Debt, according to a filing with the SEC. News sources say the fund held its initial close through the fundraising. The firm did not comment on its fundraising efforts.

The open-ended PGIM Real Estate U.S. Debt fund launched at the beginning of the year and has received capital commitments from five institutional investors, according to news sources. The fund will invest in debt secured by U.S. properties and will originate first mortgages for diversified real estate properties.

Other open-ended real estate debt vehicles that have launched over the past few years include Mesa West’s Mesa West Core Lending Fund, MetLife Real Estate Investors’ MetLife Commercial Mortgage Income Fund, and Heitman’s Heitman Core Real Estate Debt Income Trust.

In April, PGIM

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