PGIM Real Estate Finance has expanded its relationship with Fizzy Living by providing €24.1m (£21.1m) to refinance existing investor-provided senior debt at two new Fizzy sites in Lewisham, South East London.
The €24.1m facility will be funded in two separate tranches. The smaller initial tranche will be a €11.2m loan on the first phase of the Lewisham development, and the second larger tranche will be a €12.9m on the second phase. The two buildings consist of 136 Class-A apartments as part of the Lewisham Gateway regeneration scheme, one of the largest regeneration projects in south east London.
This loan is an extension of an existing €37.1m (£32.4m) PGIM arrangement for Fizzy which completed in January 2015.
Aaron Knight, Director, PGIM Real Estate Finance, commented: “On a global basis, PGIM Real Estate Finance is an active supporter of the PRS/multifamily product. In building our lending platform in the UK, we quickly determined that Fizzy Living is at the forefront of the industry and the type of sponsor we want to support. Financing the two Lewisham assets is a further extension of that relationship, which we hope to replicate elsewhere as the wider PRS industry continues to develop.”
PGIM Real Estate Finance, the commercial mortgage arm of PGIM, the global investment management businesses of US-based Prudential Financial, Inc. (PFI), is an international full-service, commercial and multifamily mortgage finance business with €78.4m ($88.4bn) in assets under management and administration as of March 31, 2017. Fizzy Living is the private rental arm of Thames Valley Housing (TVH).
