Prudential Huntoon Paige Closes $1 Million Mark-to-Market Loan for Touraine Apartments

Prudential Mortgage Capital Company announced today that it closed a $1 million financing for Touraine Apartments on behalf of the U.S. Department of Housing and Urban Development’s Office of Affordable Housing Preservation. Prudential originated the FHA loan through its FHA lending business, Prudential Huntoon Paige. Prudential Mortgage Capital Company is the commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU). "We were proud to originate this loan, which will help to preserve this landmark as affordable housing for both the residents and the City of Buffalo,” said Daniel Schachter, Director, Prudential Huntoon Paige. Originally constructed in 1902 as a hotel, the historic high-rise property is located in Buffalo’s theater district and boasts 104 apartments. The loan will fund the restoration of some historical elements of the property. The loan, offered through the Affordable Housing Preservation Mark-to-Market program, was closed with the assistance of Prudential staff in Chicago and the Buffalo Multifamily team. Additionally, CreditVest of Pittsburgh, Pa., acted as the Affordable Housing Preservation office’s Participating Administrative Entity, with the New York State Housing Finance Agency as the current lender and Contract Administrator of the project for HUD. "The Mark-to-Market program represents one of HUD’s most powerful tools for the preservation of much-needed low-income housing,” said Sean Moss, HUD Regional Director for New York and New Jersey. "Through this program, the long-term physical and financial viability of HUD-assisted properties is ensured, while, simultaneously, providing significant cost savings to the taxpayer, as in the case for Touraine Apartments in the City of Buffalo.” Prudential Mortgage Capital Company, a national full-service, commercial and multifamily mortgage finance business, originates loans for Fannie Mae DUS™, FHA and Freddie Mac Targeted Affordable programs; the capital markets; Prudential’s general account; and other institutional investors. The company, with $54.6 billion in assets under management and administration as of June 30, 2007, offers fixed- and floating-rate loans; mezzanine, structured and bridge financing; forward commitments; affordable housing and healthcare finance. For more information, visit www.prumortgagecapital.com. Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $648 billion of assets under management as of June 30, 2007, has operations in the United States, Asia, Europe, and Latin America. Leveraging its heritage of life insurance and asset management expertise, Prudential is focused on helping individual and institutional customers grow and protect their wealth. The company’s well-known Rock symbol is an icon of strength, stability, expertise and innovation that has stood the test of time. Prudential's businesses offer a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services. For more information, please visit www.prudential.com.