PGIM Loans $115M on Luxury Apartments in Playa Vista

PGIM Real Estate is showering Southern California with commercial loans.

The New Jersey-based real estate arm of insurance giant Prudential Financial loaned $115 million to Barings Real Estate on a 405-unit apartment complex at 6565 and 7225 Crescent Park in Playa Vista, the Commercial Observer reported, the latest in the lender’s string of debt deals.

North Carolina-based Barings owns The Ventana, a luxury complex built in 2007 with two clubhouses, two swimming pools, a spa, a business center and a fitness center. Apartments range from studios to three-bedroom units averaging 1,050 square feet.

JLL, represented by brokers Chris Drew, Annie Rice, Brandon Smith and Gyasi Edmondson, arranged the five-year, full-term, interest-only loan.

“The selected lender was able to understand the story of the local market and trend towards stabilization after the turbulence caused by COVID-19,” Rice said in a statement.

PGIM Real Estate, which serves as the $210 billion global asset financing business for Prudential, has been among the busiest lenders in the Southland.

This month, PGIM loaned $143.5 million for a pair of new apartment projects in Los Angeles, according to the Observer, and led a string of loans for industrial properties and portfolios across the region.

Refinancing deals included a three-building industrial park in Azusa and a 246-unit apartment complex in Los Feliz with a combined $174.2 million in loans.

PGIM loaned $84.2 million to Downtown-based IDS Real Estate Group to buy the fully leased Azusa Industrial Center at 875-935 West Eighth Street in the San Gabriel Valley city.

It also loaned $90 million to Century City-based LaTerra Development and New York-based Clarion Partners for The Louise, a new apartment complex with 10,500 square feet of ground-floor shops and restaurants at 1633 North Edgemont Street in Los Feliz, according to the Los Angeles Business Journal.

Barings, a unit of Massachusetts Mutual Life Insurance, is a global investment management firm with more than $347 billion across public and private fixed-income, real estate and specialist equity markets, according to the Observer.

— Dana Bartholomew