PGIM Real Estate and Citymark Capital have entered into a joint venture partnership to deploy $500 million in dedicated capital for the acquisition of senior loans or other structured positions backed by multifamily assets.
The program will look to take advantage of a refinancing window that will see more than $650 billion in multifamily debt scheduled to mature between 2024 and 2026. The focus will be on providing capital solutions for debt that is currently held by banks, which are facing increased regulatory pressure amid a market environment where higher interest rates and tightening credit standards are also putting material pressure on real estate borrowers’ ability to refinance existing loans.
“Over the next 18 months we expect to see a large volume of multifamily loans coming to the market,” said Soultana Reigle, head of U.S. Equity and senior portfolio manager at PGIM Real Estate’s value-add strategies. “We believe that our deep experience and capabi
