Prudential Huntoon Paige Closes $3 Million Loan for Candlelight Apartments

Prudential Mortgage Capital Company announced today that it closed a $3 million refinancing loan for Candlelight Apartments insured by the U.S. Department of Housing and Urban Development’s Buffalo Multifamily HUB. 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 are pleased to have provided this refinancing loan for Candlelight Apartments, which funded needed capital work and will help it to remain affordable for years to come,” said Daniel Schachter, director, Prudential Huntoon Paige. "This loan highlights Prudential’s commitment to providing quality service and flexible loan options to its borrowers.” Candlelight Apartments, which boasts 226 units, was originally financed with Low Income Housing Tax Credits. It is professionally managed by Housing Management Resources, which has five thousand apartments in its eight state portfolio, including over eighteen hundred in New York. "It was a pleasure to work with the professionals at Prudential Mortgage Capital Company on completing this important transaction for the residents of Candlelight Apartments,” said Richard Pierce, president of Housing Management Resources, and a partner in Candlelight Apartments. "There is no higher priority in HUD than creating and preserving affordable housing," said Sean Moss, HUD regional director for New York and New Jersey. "That is why we are so delighted to have worked with the Prudential Mortgage Capital Company and for them to have used our FHA loan program to both rehabilitate Candlelight Apartments and maintain it as an important affordable housing resource for the residents of Liverpool." 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 $56.5 billion in assets under management and administration as of September 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 $637 billion of assets under management as of September 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.