Prudential Mortgage Capital Originates $220 Million Loan for Manhattan

    Business Editors

    NEWARK, N.J.--(BUSINESS WIRE)--Jan. 20, 2005--Prudential Mortgage Capital Company announced today that it has originated a $220 million permanent capital markets loan for Vornado Realty Trust (NYSE: VNO), one of the nation's largest real estate investment trusts. The loan is among the largest securitized financings originated by Prudential in 2004 as the company continued to expand its large, highly structured loan business. Prudential Mortgage Capital is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
    The loan is secured by 11 Penn Plaza, a one million square foot, Class A office building in New York City located directly across from New York's Penn Station on West 31st Street. The seven-year loan amortizes over 30 years and has an interest rate of 5.20 percent.
    Scott W. Miller, a principal on Prudential's National Accounts Team in New York City, originated the loan. Prudential closed the loan within 38 days of the loan application. Terms were not disclosed.
    "This loan provides a good example of a growing trend toward originating and securitizing larger loans," said Richard Jarocki, the managing director and capital market's large loan portfolio manager. "For Prudential, this loan highlights our versatility as we seek to dramatically expand our large loan business."
    Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business, originating mortgage loans for Fannie Mae and FHA programs, the capital markets, Prudential's general account, and other institutional investors. The company, with $45.2 billion in assets under management and administration as of September 30, 2004, offers fixed and floating rate loans, mezzanine lending, structured financing, interim/bridge lending; affordable housing loans and forward commitments. For more information, visit www.prudential.com/mortgagecapital
    Prudential Financial companies, with approximately $470 billion in total assets under management as of September 30, 2004, serve individual and institutional customers worldwide and include The Prudential Insurance Company of America, one of the largest life insurance companies in the United States. These companies offer a variety of products and services, including life insurance, mutual funds, annuities, pension and retirement related services and administration, asset management, securities brokerage, banking and trust services, real estate brokerage franchises and relocation services. For more information, visit www.prudential.com.

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CONTACT: Prudential Financial, Inc. Theresa Miller, 973-802-7455

KEYWORD: NEW JERSEY INDUSTRY KEYWORD: REAL ESTATE BUILDING/CONSTRUCTION BANKING SOURCE: Prudential Financial, Inc.

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