Two executives with Pricoa Mortgage Capital Company, known in the US as Prudential Mortgage Capital Company, are trading the posts they previously held on opposite sides of the pond, Real Estate Capital has learned.
As previously reported, Drew Abernethy, former head of Pricoa’s European originations team, has moved stateside from London.
The firm today revealed that Bryan McDonnell has assumed that role, while Abernethy has filled McDonnell’s former role as head of Prudential’s commercial real estate finance and portfolio management operations out of the firm’s Washington, DC offices.
“He’s sitting in my old chair in Washington, DC and I’m sitting in his,” McDonnell said. “This is a function of the firm’s success over the past eight years. It’s time for him to get back stateside and it’s a reflection of our desire to diversify the domestic space and vice versa.”
Pricoa in Europe has focused on London and Amsterdam. Last month for example, under Abernethy’s command, the firm refinanced Oxford Properties’ London trophy asset Watermark Place with £270m of 10-year financing — one of the largest, if not the largest Pricoa has made in Europe. One of McDonnell’s objectives will be to further develop the platform in those cities and across Europe.
“It’s really exciting and a personal challenge to learn these different markets and continue developing the platform here,” he said.
Prudential’s lines of real estate finance products in the US include originations from the insurance company’s general account; Fannie Mae, Freddie Mac and specialized affordable housing programs; FHA; conduit; a proprietary balance sheet program; and other institutional investors. Pricoa Mortgage Capital’s European focus is fixed-rate balance sheet loans with at least five-year durations.
McDonnell has been with the firm since 2006, having closed more than $5bn of investments. Abernethy has worked for PMCC since 2004.