By Suzann D. Silverman, Editor-in-Chief<\/p>\n
Prudential Mortgage Capital Co. has long wanted to add Freddie Mac Program Plus capabilities to its quiver. A new strategic partnership with Johnson Capital makes that possible.<\/p>\n
Prudential Johnson Apartment Capital Express will utilize Johnson Capital\u2019s Program Plus affiliation to originate loans of $5 million and up in Arizona, California, Maryland, Washington, D.C., and Virginia. Johnson Capital also offers Freddie Mac Targeted Affordable Housing and Department of Housing and Urban Development programs, while Prudential contributes its Fannie Mae Delegated Underwriting & Servicing affiliation, Federal Housing Administration program, general account and other institutional investor business.<\/p>\n
\u201cWe\u2019ve wanted to get into that space for quite some time. We finally found the right partnership,\u201d said David Twardock, president of Prudential Mortgage Capital, who noted that Johnson Capital was one of the first Pru Express lenders, dating back to the 1980s, resulting in a lot of trust and history between the two organizations.<\/p>\n
The venture occurs within months of the 10-year anniversary of Prudential\u2019s purchase of WMF Group Ltd., which launched it in the Fannie Mae DUS business, Twardock noted, and comes at a time when the multi-family sector is nearing bottom, the firm believes, with promise of a turnaround.<\/p>\n
The venture will be headed by Dave Durning, who oversees agency business for Prudential, and Guy Johnson, who leads his namesake firm, and will utilize personnel from both firms. In fact, it is likely to lead to more hires, Twardock said, since the combination of the principal-oriented business and the intermediary opens doors for those with a background on one side that are interested in expanding into the other. Rather than work specifically for the venture, however, new individuals would work for one firm or the other.<\/p>\n
Prudential Mortage Capital had $62.5 billion in assets under management and administration as of year-end 2009, with a similar-size loan servicing portfolio. In addition to investment banking services, Johnson Capital provides special servicing.<\/p>\n","protected":false},"excerpt":{"rendered":"
Prudential Mortgage Capital Co. has long wanted to add Freddie Mac Program Plus capabilities to its quiver. A new strategic partnership with Johnson Capital makes that possible.<\/p>\n","protected":false},"author":755,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742],"tags":[],"class_list":["post-1004018789","post","type-post","status-publish","format-standard","hentry","category-finance","category-latest"],"acf":[],"yoast_head":"\n