Prudential Mortgage Capital Provides $148M Loan for Industrial Portfolio in Toronto

by John Nelson

NEWARK, N.J. — Prudential Mortgage Capital Co., operating on behalf of The Prudential Insurance Co. of America, has provided $148 million (USD) in permanent financing to Prologis Inc. for an industrial portfolio in Toronto. This transaction marks the firm’s first loan origination in Canada for The Prudential Insurance Co. of America in 20 years. The 10-year loan is secured by an eight-property portfolio totaling nearly 3.5 million square feet across the greater Toronto area. The portfolio is 100 percent leased to 16 tenants, including major corporations such as PepsiCo and IKEA. Constructed between 2006 and 2014, the properties feature 28- to 32-foot clear heights, dock high doors and trailer parking. Newark-based Prudential Mortgage Capital is the commercial mortgage lending business of PGIM, the global investment management business of Prudential Financial Inc. (NYSE: PRU).

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