PGIM Real Estate has provided a $80 million floating-rate loan for the acquisition and capital improvement of Lyric, a 376-unit multifamily property in Las Vegas, Nevada.
The loan was provided to RPM Living Investments and Marble Capital. The financing was provided through PGIM Real Estate’s core-plus lending strategy, managed on behalf of third-party investors. ConnectCRE reported in November of 2021 that the Lyric Apartments sold for $135.2 million to Starlight Residential with $91.4 million in financing.
PGIM’s Trevor Arnholt commented, “PGIM Real Estate continues to be especially bullish on the living sectors given the critical need for high-quality housing across the U.S. and strong supply and demand fundamentals in the multifamily asset class.”
With $206 billion in gross assets under management and administration (1), PGIM Real Estate provides investors and borrowers access to a range of real estate equity, real estate debt, agriculture, and impact solutions across the risk-return spectrum. PGIM Real Estate is a business of PGIM, the global asset management business of Prudential Financial, Inc. (NYSE: PRU). PGIM Real Estate’s risk management approach, execution capabilities and industry insights are backed by a 50-year legacy of investing in commercial real estate, a 140-year history of real estate financing,(2) and the local experience of professionals in 35 cities globally.
