PREI raises $805 million for its U.S. debt fund
Prudential Real Estate Investors (PREI) has held an $805 million final close for its Prudential U.S. Real Estate Debt Fund. The value-added fund had a fundraising goal of $500 million and was launched in February 2010. The firm held a $250 million first close in August. PREI is the real estate investment and advisory business of Prudential Financial.
“In the United States, we expect significant demand for creative debt financing as approximately $1.8 trillion in mortgage loans come due over the next several years,” says Jack Taylor, managing director and head of PREI’s global real estate finance group and portfolio manager for the U.S. platform, in a statement. “We look forward to continuing to build long-term relationships by providing capital to borrowers, co-lenders and other market participants, while meeting the strong and growing global appetite from institutions for access to s