Prudential Mortgage Capital Co. and the Perella Weinberg Partners affiliate Asset Based Value strategy have formed a joint venture to originate commercial mortgages for future securitization.
According to the companies, the joint venture will originate loans through Prudential Mortgage Capital Co.'s platform, and the loans will then be warehoused and securitized by the joint venture and serviced by Prudential Asset Resources. The joint venture is initially targeting more than $1 billion a year in fixed-rate mortgages for stabilized commercial properties across all asset classes, and it will create a branded vehicle and partner with third parties to issue commercial mortgage-backed securities (CMBS).
‘Participation in the re-emerging CMBS market is critical to maintaining our leadership position in the commercial mortgage arena,’ says David Twardock, president of Prudential Mortgage Capital Co.
