NEWARK, N.J.--()--Prudential Mortgage Capital Company has expanded its multifamily team, naming Patrick McAllister and Laurie Morfin directors of multifamily originations. Prudential Mortgage Capital Company is the Newark, N.J.-based commercial mortgage lending business of Prudential Financial, Inc. (NYSE: PRU).
“The multifamily market has been a strong performer in the current economic climate as people choose to rent, putting off home ownership due to concerns about the job market following the 2008 financial crisis. We believe that will continue to be the case for the next three to five years”
McAllister, based in the company’s San Francisco office, and Morfin, based in a new Carlsbad, Calif., office, are responsible for originating loans nationally on behalf of the company’s agency lending business, including Fannie Mae and Freddie Mac. Both report to Jim Hensley, a principal and agency production manager for Prudential Mortgage Capital Company’s multifamily team.
“The multifamily market has been a strong performer in the current economic climate as people choose to rent, putting off home ownership due to concerns about the job market following the 2008 financial crisis. We believe that will continue to be the case for the next three to five years,” Hensley said. “We wanted to expand our capability in this area, and having Patrick and Laurie join the team brings 30 years of combined experience to our multifamily loan origination team. Both will be excellent additions and will allow us to expand the superior service and certainty of execution our borrowers have come to expect.”
Before joining Prudential, McAllister was a director and originator for Wells Fargo Multifamily Capital. He also held senior positions at Cohen Financial and Eastdil Realty. During the course of his career, he was responsible for originating agency, life company, CMBS, hard money and construction loans. He earned a bachelor’s degree from the University of Rochester and a law degree from California Western School of Law.
Morfin also joined Prudential from Wells Fargo Multifamily Capital where she served as a director and originator. Earlier, she was a director of Wells Fargo’s CMBS Origination Group responsible for originating and closing CMBS loans. She was also a loan originator for Nationwide Insurance and an asset manager for Union Central Life Insurance Company. Morfin earned a bachelor’s degree from Indiana University.
Prudential Mortgage Capital Company is a national full-service, commercial and multifamily mortgage finance business with more than $72 billion in assets under management and administration as of June 30, 2012. Leveraging a 135-year history of real estate finance, the company offers one of the most comprehensive lines of real estate finance products and originates loans for Fannie Mae DUS®, Freddie Mac Program Plus® and specialized affordable housing programs; FHA; Conduit; Prudential’s general account and proprietary balance sheet program; and other institutional investors. The company maintains a loan servicing portfolio of approximately $69.2 billion, as of June 30, 2012. For more information, please visit http://www.prumortgagecapital.com.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com/